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Bloomberg is reporting that the Trump administration is reportedly looking to sanction Moscow’s covert fleet of oil tankers and also sanction several entities that enable them to operate.
Earlier today, Trump increase in the is tariffs to 50% (up 25%) as a penalty for importing Russian oil. The administration is looking to strangle Russia via oil sales.
That has helped to push oil up modestly. The price is currently up about $0.60 at $65.75, but the low price today near $65.11 remained above its 100 day moving average at $64.96. The price would need to move below that level to increase the bearish bias from a technical perspective.
This article was written by Greg Michalowski at investinglive.com.
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