Oil prices turned flat at the top end of the rally with price rising only modestly on Thursday. Reports showed that Saudi Arabia’s oil exports fell by 277,000 barrels per day to just under 7 billion bps in February. Supply of crude oil came under pressure after Venezuela joined the US sanctions list alongside Iran.
Will Crude Oil Maintain the Range?
Oil prices failed to make any fresh highs, leaving price to trade flat within the 64.55 – 63.20 level. On the weekly chart, we see the doji pattern taking shape which could signal a temporary pause to the rally. Oil prices will need to close bearish in order to confirm that the top has been established. Watch for price to break out to the downside within the range to confirm this view.
