Quick look at oil while things are quiet

The $70 resistance level is another one that price just keeps finding itself back at:

Chart musings:

  • Supply factors discussed before mean each session, oil seems to get another kick.
  • But capped by this decent level of support turned resistance.
  • Now these following headlines

Headlines:

  • Iran: Trump mistaken to expect Saudi Arabia and others to cover loss in Iranian oil output to do US sanctions.
  • Iran: Oil prices will rise unless US grants waivers to buyers of Iranian crude.

Reuters Polls:

  • Brent crude oil seen averaging $72.87 BBL in 2018, $72.20 BBL in 2019
  • US crude oil seen averaging $67.32 BBL in 2018, $66.60 BBL in 2019