Technical, fundamental traders battle over oil
Head of Commodity Strategy
Summary: Oil traders must weigh supportive fundamentals against a short-term technical deterioration.
The realisation that Washington would struggle in its quest to bring Iranian exports down to zero, as well as the stronger dollar, helped drive the price lower ahead of the weekend. This resulted in a bar similar to the one that signaled a top in the market last October. The battle between strong supportive fundamentals and a short-term deterioration in the technical outlook has kept the market stuck in a relatively tight range so far this week.