Oil Rally Pauses as G7 Reserve Talk Caps War-Driven Surge

At this stage it is not easy to be very precise, but the 92 to 95 area clearly stands out as very strong support. If the situation in the Middle East does not improve soon and energy prices remain under pressure to the upside, then holding above this support zone could open the door for another strong rally. In that case, crude oil could later aim toward the 130 area.The index of oil up by Pashalgnatov via istock