By FXEmpire.com - Analysis and Recommendations:
Crude Oil is currently trading 99.07 down from the open of 99.84 and from the high of the day of 100.19. Crude continues to hover at the psychological 100.00 level, pushing up in early trading but dropping as the USD moved up and on weak news from the EU manfacturing sectors, although the reports came in at forecast the project forecasts were not that good.
It seems the Crude is not being effected by the EU joining in the Iranian Oil embargo or additional sactions implemented today by President Obama.
Tensions continue to mount as the US with France and the UK sent ships into the Straits of Hormuz, ignoring Iranian threats and making it very clear that they would not allow Iran to block the waterway.
Iran keeps the rhetoric up, but hasn’t taken any direct actions.
We can expect Crude to continue to fall to its nearest point of support.
[Original Post Here]