Oil settles above $50.00 a barrel

WTI oil settled at its highest level in two weeks, above $50 a barrel, as UK referendum on EU membership takes place and investors hope for the Remain camp to win.

August West Texas Intermediate crude  rose 98 cents, or 2%, to settle at $50.11 a barrel on the New York Mercantile Exchange.

WTI technical perspective

“Despite the intraday recovery, the commodity maintains the neutral tone in the daily chart, with the price now slightly above a horizontal 20 SMA and the technical indicators still stuck around their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, however, the upside is favored as in the 4 hours chart, the technical indicators head modestly higher above their mid-lines, whilst the price is currently above its moving averages. An advance beyond 50.50, this week high, is now required to confirm additional advances towards 51.64, June high, for this Friday.”

Support levels: 49.20 48.40 47.60. Resistance levels: 50.50 51.10 51.65.