After plummeting by more than 4% during Friday’s session, Crude oil prices stayed under pressure as trade pessimism outweighs geopolitical tensions this morning. The energy benchmark fails to portray geopolitical tension in Syria wherein the US attacks in Syrian’s Idlib catches an ire from Russia as saying the nation didn’t provide any notice and broke the ceasefire. Protests in Hong Kong and Iran’s preparations to counter the US, if at all there is a war, becomes additional geopolitical catalysts that couldn’t trigger price rise.
Crude oil prices went south during Friday’s session, erasing by more than 4% of its previous gains as it fails to break above the trend line presented on the chart. The price is still under pressure this morning as it hovers around the $55 level with a falling momentum. Today the price action will be limited but we will focus on the downside especially on the $54.42 support level as we are also looking for a settlement in that area.
Support: 54.42/ 53.89
Resistance: 55.06/ 55.92