Oil price climbs over $130 per barrel; nickel price jumps 14% higher
The far-reaching supply crisis has pushed the price of crude oil to its highest level since July 2018, with the all-time-high level at $140 just one step away.
Oil prices soared to their highest level since July 2008 due to the escalated supply crisis. The delay ensued at the return of Iranian crude and the news that the United States and its European allies considered banning Russian oil. Both Brent crude and West Texas Intermediate (WTI) reached their highest level in nearly 14 years with Brent reaching $139.13 and WTI reaching $130.50 per barrel.
As shown from the daily chart, Brent crude jumped as much as 18% to kick off another tempestuous week after a 21% surge last week. The jaw-dropping movement was triggered by rising fears after the White House said a new round of sanctions targeting Russia’s oil export was on the table.
The brutal supply crunch has now pushed the crude oil price to its highest level since July 2018, with the all-time-high level ($140) recorded in the June 2018 only one step away.
Technically speaking, Brent crude oil is supported at the level of $117.5, while WTI should find imminent support from $114.
Brent crude daily chart
WTI hourly chart
Nickel surged over 14% in the new week to pass the $34000 per tonne level for the first time since July 2007, as western sanctions against Russia, the world’s third-largest producer of Nickel, sparked renewed concerns over the metal supply.
Nickel is broadly used in producing stainless steel that can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, and power generation. As a result, the heightened concerns over the interrupted supply to match with its robust demand has seen the price of Nickel climb up over 40% this year.
From a technical view, the steep ascending line drawn from last week's rapid growth should see the metal price keep the rising journey. Imminent support can be found at $29284 and the next resistance is looking back to June 2007 at around $40000 per tonne.
Nickel Daily Chart
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