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On September 22, US Secretary of State Marco Rubio stated that President Trump will make a final decision on the Iran issue. Rubio said that under President Trumps command, the US military has cleared mines from the relevant waters, and an increasing number of ships are now sailing out daily; meanwhile, Iran has "made no progress." He also mentioned that the Biden administration was eager to reach an agreement with Iran, making concessions over the past four years in an attempt to broker a deal, but ultimately failed. He added that the US intends to fulfill its commitments to Saudi Arabia, and that the conflict between the Houthis and Saudi Arabia is extremely dangerous; the US will always stand with Riyadh and provide support.On September 22, US Secretary of State Marco Rubio stated that the United States "will never close the door to diplomacy," but the core issue at present is that Iran is controlled by some clerics with extreme religious views and apocalyptic beliefs, "and these people must not possess nuclear weapons." Rubio stated that the Iranian economy is being severely impacted by sanctions. He indicated that the US policy focus on Iran remains preventing it from acquiring nuclear weapons while preserving diplomatic space. Rubio also criticized some US media coverage of Iran, saying he saw some reports that "sounded like they were supporting Iran."Market news: Following the US Supreme Courts ruling on Trumps global tariffs, the Millais government sought to renegotiate the terms of its trade agreement with the United States. However, US policymakers have informed Argentina that renegotiation of the trade agreement is no longer being considered.U.S. Secretary of State Rubio: We have recently seen increased cooperation among NATO countries.U.S. Secretary of State Rubio: (Regarding Greenland) The United States can build military bases wherever it wants.

Crude Oil Price Forecast – Crude Oil Markets Continue to Pull Back

Daniel Rogers

Jul 01, 2022 11:07

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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has declined dramatically during the trading session on Thursday to break down below the $107 level. At this point, it appears like the market is going to test the big trend line from previously, and so I think it’s probably only a matter of time until we see substantial movement one way or the other. If we do break down below the uptrend line, the next target will be the $100 mark. Breaking below that level then opens up the chance of entirely shifting the trend. It is worth mentioning that the rest of the commodities markets have suffered a blow to the face, therefore oil is the “last man standing.” 

Brent Crude Oil Technical Analysis

Brent markets definitely appear quite similar, since they are challenging the uptrend line beneath which is closer to the $107 level. If we break down below there, then the Brent market is expected to travel to be $100 level where it will start to tangle with the 200 Day EMA. Breaking down below that of course would be pretty bad as well, setting off what would officially be termed a “downtrend.”

 

On the other side, if any one of these markets rebounds off the uptrend line, then it appears like they are going to try to save themselves. That being said, the previous couple of days have seen a genuine shift in momentum, and it does imply that more problems is on the way. Consequently, I am not too enthusiastic about holding crude oil at the moment. The markets are simply way too risky.


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