26 Mar 2015
WTI hovers around USD 51, Yemen bombing underpins
FXStreet (Mumbai) - WTI oil futures on the Nymex remains elevated near fresh two week highs in the European morning as the Middle East conflict escalates, with Saudis bombing rebels in Yemen.
WTI soars 4%
Currently, WTI trades nearly 4% higher at USD 51.09/ barrel, hitting fresh two week highs at 51.91 levels in early Asia. Crude prices kept earlier gains 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.
Further, the US dollar index was trading lower by -0.30% this morning, standing at 96.79, waiting for incentives in the form of the employment report later in the day, also supported crude prices.
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 soars 4%
Currently, WTI trades nearly 4% higher at USD 51.09/ barrel, hitting fresh two week highs at 51.91 levels in early Asia. Crude prices kept earlier gains 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.
Further, the US dollar index was trading lower by -0.30% this morning, standing at 96.79, waiting for incentives in the form of the employment report later in the day, also supported crude prices.
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.