Oil futures gap up over $4 on escalating Chinese and American tensions re: Taiwan Strait. Bid at $73 after spiking to $75.

 

Oil futures open above their 72 support, spiking to 75 and then falling back towards 73.  Supported by rising geopolitical risk, namely China/U.S. tensions on the Taiwan Strait and the collapse in talks between superpowers at the Shangri-La Singapore conference.  Major resistance for oil is $78 (green horizontal line).

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