-+ 0.00%
-+ 0.00%
-+ 0.00%

Crude Oil Nears Potential Reversal as Momentum Fades Amid Iran Diplomacy

Barchart·11/02/2026 05:03:26
Listen to the news

Crude oil continues to push higher, but the five-wave recovery appears to be approaching its final stages, with RSI divergence signaling fading bullish momentum. A slowdown or corrective move could emerge this week, especially as reports suggest Trump wants to give diplomacy with Iran more time before considering renewed military strikes after Tuesday’s midterm elections. Technically, a break below $99.79 would signal a potential deeper correction, although a larger triangle or wave E formation remains possible.

Crude Oil Nears Potential Reversal as Momentum Fades Amid Iran Diplomacy
Crude oil 4h Chart

For a detailed view and more analysis like this, you may want to join our live webinar today on November 02 @ 15.00CET: DIRECT LINK

This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.