Light crude skyrockets above 130.00

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Source: Dukascopy Bank SA


The price for crude oil ended its surge in a channel up pattern in early February by trading sideways above the 90.00 mark. However, on February 28, the price began to massively surge, as sanctions on Russia were set by the US and European Union. Namely, the market expects a large decrease of supply that would be caused by no market participants buying oil from Russia.

On Monday, March 7, the price reached above the 130.00 mark. In the meantime, it was spotted that short term support and resistance is being found in round price levels.

If the surge of the price continues due to the fundamental background, most likely the commodity might find resistance in round price levels. Meanwhile, the same rule applies for support levels. In general, the price reacts to news and sudden fundamental developments.

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