FX.co ★ CL/Crude Oil

Today’s trading on the #CL oil chart started with the formation of a northern gap. At the moment trading is taking place at 73.85, while Friday’s close was at 71.75. We currently have a gap of about 2 dollars. Overall, trading is moving sideways, despite a major escalation of the conflict in the Middle East over the weekend. We’re waiting to see how events develop further. If the Strait of Hormuz continues to allow commercial vessels through, I don’t see strong reasons for a significant rise in oil prices toward the 80.00 resistance. Otherwise, a supply shortage may once again form in the market.