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Crude oil has survived stronger dollar so far, as Middle Eastern tension and forest fire in Canada buoyed the price.
- Dollar index, which is value of dollar against basket of currencies, has gained sharply from four month low around 93.3 to 97 as of now. While Gold, Silver, Copper all has fallen victim to stronger dollar crude looks to have survived the strength. WTI is hovering around $60/barrel through this period of dollar strength.
Tension among gulf nations and provocative violence in Middle Eastern oil routes have kept the price buoyed while Dollar strength.
Moreover a forest fire in Canada, shuts down 8-10% of supply from oil sands.
However price pattern is indicating that price might be forming an interim top and might be ready to resume its down trend once more.
Crude price have formed several dojis in both weekly and daily chart indicating indecision among buyers and sellers. Crude price will remain threatened to downside unless the gravestone doji high at $62.7/barrel is taken out.
