Oil prices surge gap up the week and surge to highest level since 2008. Both the US and its European allies are, responding to Ukrainian President Volodymyr Zelenskyy’s request, considering to ban Russian oil imports for its continuous assault and invasion of Ukraine. Meanwhile, the Iran nuclear deal continued to drag on.
WTI crude oil breached 130 level and hit as high as 131.82 so far. For now, break of 108.50 support is needed to indicate short term topping, even in case of deep retreat. Further rise is expected to 161.8% projection 33.50 to 85.92 from 62.90 at 147.71. That’s close to the historical high made in July 2008 at 147.27.
