Crude Oil Price Analysis – Oil Continues to Move on Geopolitics

Market Sentiment - The market appears to be attempting a bullish trend, with a critical level at $60 that could indicate a significant downturn if breached [1] - Brent markets are currently at the 200-day EMA, showing bullish signs, but there is a concern about potential energy exhaustion leading to a market rollover if conditions stabilize [2] Price Levels and Corrections - The $65 level is identified as crucial for market stability; falling below this threshold could trigger a deep correction [2] - There is skepticism about a sustained bullish market for oil in the short term, primarily due to the structural issues in Venezuela's oil infrastructure, which will not have an immediate impact on the market [3] Geopolitical Factors - The situation in Iran is highlighted, suggesting that oil will eventually be sold to countries like China and Russia, which may then redistribute it to other markets, indicating a complex geopolitical landscape [4] - There is a belief that current market reactions may be exaggerated, and there is interest in shorting the market upon signs of exhaustion [4]