Late Friday, the US administration said that it was deploying forces to the Middle East. This comes in response to what the US believes was an attack from Iran on Saudi oil fields. While the Saudi Arabia officials have remained muted, the US maintains that Iran was responsible for the attack.
WTI Crude Oil Could See Another Volatile Week
Crude oil prices erased the gains logged from earlier in the week by Friday’s close. However, the gap remains to be filled. The support level of 57.50 will be likely tested in the near term. But there is scope for price to bounce back higher. In the near term, crude oil prices could remain range-bound but below the $60.00 handle.
