Crude price hits fresh high|crude price edged higher on Venezuela


22-05-2018 10:59 AM

WTI crude oil prices edged higher on Monday as geopolitical indecision rose after weekend elections in Venezuela observed as unlawful raised the outlook of US sanctions on the country’s exports.

country’s exports.Venezuela’s Nicolas Maduro risked further pressure from the International community as his re-election win on Sunday, raised the prospect of US sanctions on the Venezuela, which would further hit the country’s struggling energy industry.

U.S. Secretary of State Mike Pompeo threatened even tougher sanctions against the Islamic Republic. Pompeo said the sanctions would be the “strongest in history when complete.”

Technical outlook

The Crude oil prices moved to spanking new high at 4945. The Crude oil daily chart has formed “Rising wedge” pattern. The market is expected to continue on a bullish momentum, testing all the way through 4950-5000 levels in the upcoming sessions. This is now in accumulation period and if the crude oil market price is able to break the all-time high, we can notice another 50 points rally to the next resistance zone line at 5000. Support can be seen at 4890 level. Subsequently, let’s wait and witness how the market does in the coming days.