Investing.com - Two factors will determine the direction of oil markets in the coming week. The first is how much the conflict in the Middle East could escalate and what it might mean for supplies in the world's top oil producing region. The second is what will the weekly update on US crude stockpiles look like on Wednesday.
Treasury Secretary Janet Yellen did say nothing was ‘off the table’ as the United States considers new sanctions on Iran and Hamas.The crisis in Israel actually poses a new challenge for the world economy and the Biden administration, which has spent the last year working to combat inflation in the United States and to corral energy prices that have become volatile because of Russia’s war in Ukraine.
In fact, the administration will likely be more effective in denying Iran some of the cold cash it needs from oil. Processing of crude oil into fuel and other products also dropped last week, by almost 2%, to 85.7% as refineries went into maintenance. “Going further, immediate resistance in WTI is seen at the Daily Middle Bollinger Band of $88.10 followed by $88.30,” he said.
Friday’s move up was the biggest in a day for spot gold since March 17. The rounded-up weekly gain of 5% in the current week was also the largest since March. He also noted that the 4-hour chart on spot gold showed overbought conditions calling for a softening of its momentum, with chances of a pullback towards the breakout zone seen at the 200-day SMA of $1,929 and the 100-day SMA of $1,923.
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