Commodities
Crude Oil Market Waits on Middle East Developments
The crude oil market is navigating uncertainty due to tensions in the Middle East. WTI Crude Oil currently trades at $83.44, holding its 50-day EMA.
The Light Sweet Crude Oil market has broken above the $85 level and then rolled over a bit, with the 50-day EMA and 200-day EMA sitting just below as potential support levels.
Brent eases to $87.04, back at its 50-day EMA. The Brent markets are doing similarly, initially trying to rally but giving back gains due to the market's reliance on headlines related to US-Iran tensions and oil flow.