FX.co ★ bradtke.owen | CL/Crude Oil

The price of oil #CL was decreasing nicely throughout the week, especially on Thursday on the news that the US and Iran are closer than ever to signing a peace deal. As a result, the price managed to break below the support at 86.90, and yesterday there was a retest from below followed by another push downwards. The trading week closed at 84.27. Further downside continuation towards the April low at 80.40 looks probable. Of course, it is important for the peace agreement to be actually signed in the near future; otherwise, everything could quickly turn north. We have been through such situations before.