Oil was walking the technical razor’s edge yesterday as it tested the March low. It held though and bounced. Another dip was bought today with some strength kicking in before settlement. That highlights some physical demand and how resilient the market is despite massive global releases from strategic reserves.
It gained $1.30 in the final 40 minutes of trading ahead of settlement end at $98.24.
On the weekend, we will continue to look out for headlines around Iran’s nuclear negotiations.
The bigger picture is technical though with the $93.50 March low as the key level.
This article was originally published by Forexlive.com. Read the original article here.