Oil prices remained muted despite the mounting geopolitical tensions between the United States and Iran. Oil prices closed with small gains of 0.12% on the day on Friday. Investors wait for further geo-political clues including the ground developments in Venezuela and the attempted coup to overthrow the current regime.
Oil is Likely to Maintain the Sideways Range
Crude prices have been trading within the 62.85 and 60.33 levels of resistance and support respectively. This sideways range is expected to continue unless we see a breakout from this level. The bias is to the upside as we expect to see oil prices potentially retesting the 64.55 handle to establish resistance more firmly.
