Oil spikes $4, touching $89 on the Oil futures. Yemen rebels shoot missiles/drones towards Israel, shot down by a U.S. warship on the Black Sea. Fed chairman Jerome Powell says no more rates for 2023 = USD negative. Oil maintains its rally.

 

Reasons for oil price spike:

• Yemen Iran backed rebels launched drones and missiles, North along the black sea heading towards Israel.  (Oil market positive).

• Federal Reserve chairman, says rates will be on pause for longer.  (USD negative).

20/10: Crude futures high at $89 from $85.  Resistance (green horizontal line) at $90