CRUDE OIL HAS ANOTHER STRONG SHOWING today – Crude Oil Price analysis

live crude oil price in dollar

On Tuesday the crude oil markets have rallied again during the trading session, as we continue to celebrate the idea of a Covid vaccine. That being said, we are way ahead of ourselves as we are months away from this vaccine being released, and of course we still have the massive headwind of oversupply.

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Crude Oil Prices Finding Support From Escalating Tensions in Iran

crude oil price chart

Relations between the two significantly soured after oil tankers were attacked in the Gulf of Oman, followed by accusations by the US – with Saudi Arabia agreeing – that Iran was behind the attack. Officials in Tehran denied their involvement in the attack. Adding proverbial fuel to the fire, an unpiloted United States drone was recently shot down by Iranian military after the aircraft wandered into their airspace.

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