On Thursday, Oil prices resumed increasing between tension in the middle east due to new oil tankers and pipeline attacks. Growing tensions in the Middle East increase oil demand, pushing oil prices higher.
Another story that’s influencing crude oil prices, prices is the risk of conflict in the Middle East stoked fears of supply interruptions, negating an unexpected rise in U.S. inventories. U.S. Crude Oil WTI Futures soared 0.7% to $62.45 as the U.S. is ready to apply pressure in Tehran and evacuating its embassy in Iraq on the back of security concerns.
Crude Oil – Technical Analysis
Crude oil continues to trade choppy within wide trading of 63 – 61.30. The sideways channel extends resistance level of 62 which is now working as a support, triggering buying above 62. Whereas the resistance is likely to stay around 63. A bullish breakout can lead oil prices towards 64.50.
Key Trading Level: 61.96
Consider selling below 63 and buying above 62 as U.S. Oil is very likely to continue trading within this range.