Initially, the Trump administration's campaign on Iran was enough to help boost the price of oil, but report that the US, Saudi Arabia and the United Arab Emirates will fill the void left by any shortfall helped to cap the upside. Adding to this, the broader strength in in the US Dollar has also put pressure o the Dollar-denominated commodity which will be driven now by it, especially that today traders will be focusing on the release of important economic data , especially the advance US GDP.
As expected, Crude oil prices extended its recovery to the downside and reached the $64.83 support level after the divergence between the price and the momentum showed its effect. The price is currently hovering around this level with the RSI still pointing towards the downside. The next level we will be watching is the $64.48 support level.
Support: 64.83/ 64.48
Resistance: 65.44/ 65.95