Oil was walking a technical razor’s edge yesterday as it tested the March low. It held up well and bounced back. Another dip was bought today with some strength ahead of settlement. This highlights some physical demand and market resilience despite massive global releases of strategic reserves.
It gained $1.30 in the last 40 minutes of trading before settlement ended at $98.24.
This weekend, we will continue to watch the headlines about Iran’s nuclear negotiations.
The bigger picture is technical though with the March low at $93.50 as the key level.