Reports citing the Jerusalem Post say that Pres. Trump has rejected a proposal for a 10 day cease-fire with Iran.
Recall from yesterday, there were reports of this cease-fire which sent oil prices to the downside, before bouncing back to the upside and closing higher on the day. Crude oil prices are currently trading at $84.15 that’s up around $1.63 on the day. The price is trading at the session highs and looks toward the next target at $84.60. Looking at the hourly chart below, the 50% midpoint of the move down from the May 18 high to the July low is at $86.13. Above that is the 100 day moving average of $89.25.
This article was written by Greg Michalowski at investinglive.com.