The upward trend in Oil prices continue with vigour, having previously the asset trading in lack lustre fashion, even with significant output cuts by OPEC not having the desired effect on sustaining higher prices. The internal strife from Saudi Arabia following the crackdown on allege corruption from the orders of Crown prince Mohammad bin Salman truly reverberates: Clearly the concern here is the ongoing attempt to reshape the economy and halt corruption could have further ramifications to the supply of Oil out from Saudi, currently one of the world’s largest producers. As it stands we move up to $64.65, the highest point for over 2 years, with demand from speculative traders robust on the latest move higher. Going forward the next significant level to the upside would be $69.20: which last was as this level from June 2015- Arguably this area could act as a key resistance point.
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