Oil price jumps sharply today on news that US is preparing to stop all Iranian oil sanction waivers. The announce could be made as soon as on Monday.
Currently, China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey are buying Iranian oil without facing US sanctions.
But such waivers would expire on May 2 and US will not be renewing it them.
WTI crude oil surges to as high 65.92 so far today. 61.8% retracement of 77.06 to 42.05 at 63.68 is considered completely got rid of. Near term outlook will stay bullish as long as 63.08 support holds. Further rise should be seen back to 77.06 key resistance.