26 Mar 2015
Oil shoots to fresh 2-week highs as Saudi attacks Yemen
FXStreet (Mumbai) - WTI oil futures on the Nymex rebounded sharply from record crude stock piles induced losses and rallied to fresh two week highs in Asia after news that Saudi Arabia began military operation including air strikes in Yemen.
WTI bounces-off 52 handle
Currently, WTI trades 4.78% higher at USD 51.56/
barrel, hitting fresh two week highs at 51.91 levels an hour ago. Crude prices extended its uptrend for the fourth straight session as news that Saudi Arabia along with its 10 other Gulf allies initiated bombing targets on Yemen to defend government of president raised supply concerns pushing oil prices higher.
Saudi envoy stated military operation in Yemen involves air strikes and that the military operation is not limited to one particular city or region of Yemen.
Meanwhile, the US dollar index was flat this morning, standing at 97.01, waiting for incentives in the form of the employment report later in the day.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.44 levels above which gains could be extended to 53.56 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.88 levels.
WTI bounces-off 52 handle
Currently, WTI trades 4.78% higher at USD 51.56/
barrel, hitting fresh two week highs at 51.91 levels an hour ago. Crude prices extended its uptrend for the fourth straight session as news that Saudi Arabia along with its 10 other Gulf allies initiated bombing targets on Yemen to defend government of president raised supply concerns pushing oil prices higher.
Saudi envoy stated military operation in Yemen involves air strikes and that the military operation is not limited to one particular city or region of Yemen.
Meanwhile, the US dollar index was flat this morning, standing at 97.01, waiting for incentives in the form of the employment report later in the day.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.44 levels above which gains could be extended to 53.56 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.88 levels.