Oil catches a bid tone on Saudi Arabia news

FXStreet (Bali) - Oil is trading higher following news that Saudi Arabia has started bombing targets in Yemen, which as noted previously, was a potential bullish event for Oil prices, with the latest quote at 49.61 from a close neat 49.00.

Following the fake breakout of 44.00 handle on March 18th, the price has been on a gradual recovery, heading into its fifth consecutive day of gains, something note seen for the entire bear run that began above 100.00 mid last year.