. Crude Chronicles: Red Sea Risks & Cyber Turbulence

Crude Chronicles: Red Sea Risks & Cyber Turbulence

19 Dec 2023

Red Sea Tensions and Cyberattack Shake Crude Prices

FUNDAMENTAL OVERVIEW:

Oil prices showed little change amid concerns over Red Sea ship attacks. Brent crude edged up, while the U.S. West Texas Intermediate crude futures contract fell. The situation prompted discussions about forming a task force to protect Red Sea routes, drawing warnings from Iran. A cyberattack disrupted Iran’s petrol stations.

Technical Overview:

  • MA 10: $76.88 (Bullish)
  • MA 20: $77.97 (Bearish)
  • MA 50: $81.21 (Bearish)
  • RSI: 46.26 (Neutral)
  • Stochastic Oscillator: 42.44 (Neutral)

Trade Suggestion: Limit Sell: $71.42 | Take Profit: $68.48 | Stop Loss: $72.50