26 Mar 2015
WTI Crude oil back below 100-DMA
FXStreet (Mumbai) - WTI Crude prices have eased-off from the session high at USD 52.45/barrel to trade below the 50-DMA located at 100-DMA USD 51.57/barrel.
Oil supported by geopolitical tensions
Prices jumped higher today on news that Saudi Arabia launched a military operation in neighboring Yemen. However, analysts remain skeptical that geopolitical tensions will sustain the rally. Moreover, experts say the supply-demand dynamics will remain the key driver for oil. Meanwhile, the broad based weakness in the US dollar also supported the rally in Crude prices.
WTI Crude Technical Levels
The immediate resistance at 51.57, above which prices could rise to the daily high of 52.45. On the flip side, a break below 50.76, could drive the prices down to 50.00 levels.
Oil supported by geopolitical tensions
Prices jumped higher today on news that Saudi Arabia launched a military operation in neighboring Yemen. However, analysts remain skeptical that geopolitical tensions will sustain the rally. Moreover, experts say the supply-demand dynamics will remain the key driver for oil. Meanwhile, the broad based weakness in the US dollar also supported the rally in Crude prices.
WTI Crude Technical Levels
The immediate resistance at 51.57, above which prices could rise to the daily high of 52.45. On the flip side, a break below 50.76, could drive the prices down to 50.00 levels.