President Trump has warned that sanctions targeting Russian oil could take effect in just 10 days. He’s threatening steep tariffs on countries that continue buying Russian oil, signaling that the rates won’t be low.
The possibility of removing Russian supply from global markets has pushed crude oil prices higher.
Technically:
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Crude moved back above its 200-day moving average today at $67.97.
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The Trump headline added momentum, sending prices to an intraday high of $69.41.
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That’s just $0.20 shy of the July 14 high at $69.61, a key resistance level to watch.
The price of crude oil is settling at $69.21 up $2.50 or 3.75%.
This article was written by Greg Michalowski at investinglive.com.
