What cause the oil and gas on the rally lately?
I guess partly is due to US sanction. So, to cut the story short. I will quote the source of information for your reading.
The "call" on OPEC crude is now forecast at 30.7 million bpd in 2019, down from the IEA's last estimate of 31.6 million bpd in January.
U.S. sanctions on Iran and Venezuela have choked off supply of the heavier, more sour crude that tends to yield larger volumes of higher-value distillates, as opposed to gasoline. The move has created disruption for some refiners, but has not led to a dramatic increase in the oil price in 2019.
"In terms of crude oil quantity, markets may be able to adjust after initial logistical dislocations (from Venezuela sanctions)", the Paris-based IEA said.
SUPPORT : 0.325
RESISTANCE : 0.365 ; 0.39
SUPPORT : 0.82
RESISTANCE : 0.95 ; 1.00
SUPPORT : 0.285
RESISTANCE : 0.35 ; 0.38 ; 0.405
Disclaimer : Above is for educational sharing purpose. Kindly consult your dealer/remisier for any investment decision. Trade at your own risk.
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