Oil down 2% as Suez Canal ship is refloated

WTI crude down 2% back below $60

Oil

With the Ever Given being successfully refloated, the Suez Canal episode is likely to be put behind oil traders now but we are still navigating in the region of the more choppy price action since last week.

The recent topside push at the end of last week was limited closer to the 200-hour moving average (blue line) as sellers defended the key level but the current shove lower on the Suez Canal news is testing the 100-hour moving average (red line) @ $59.60.

Break below and sellers will seize back more near-term control with eyes set to be fixated back on the 12 February low @ $57.41.

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