Oil Market Pulls Back Amid Middle East Tensions
The oil market pulled back slightly on Friday as traders kept an eye on key support levels. The $95 level proved to be a bit of resistance for light sweet crude oil, while Middle East risks and a possible bullish flag in Brent oil kept buyers on alert.
According to a proprietary trader with over 20 years of experience, the market is currently grinding away as it tries to figure out what to do next. The trader noted that the $50-day EMA is rising and could offer support around the $89.50 level for crude oil.
In the Brent market, prices pulled back near the $108 level, but some analysts see this as a sign of hesitation rather than a reversal. The $100 level is seen as a psychologically significant figure, and the 50-day EMA is currently rising at $95.53.