17 Feb 2015
WTI rises on Libya violence
FXStreet (Mumbai) - WTI oil futures on the Nymex inched higher during the European session, extending its upward trajectory for the fourth day in a row amid rising violence in Libya.
Back above USD 53/ barrel
Currently, WTI trades higher by -0.49% at USD 53.94/ barrel, moving away from daily lows posted at 53.51 levels earlier in the day. Crude oil strengthened as investors' appetite was boosted by escalating violence in Libya as well as the lack of a deal between Greece and the rest of the euro zone. Egypt bombed Islamic State targets in Libya after releasing a video that showed the beheading of 21 Egyptians. Libya is a major oil producer in North Africa.
Libya's National Oil said it would stop pumping crude at all its fields if the attacks continue, with output being already cut after the bombing of a pipeline that carries oil to the eastern port of Hariga, according to official reports.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 52.50 levels from here losses could be extended to 51.65 levels.
Back above USD 53/ barrel
Currently, WTI trades higher by -0.49% at USD 53.94/ barrel, moving away from daily lows posted at 53.51 levels earlier in the day. Crude oil strengthened as investors' appetite was boosted by escalating violence in Libya as well as the lack of a deal between Greece and the rest of the euro zone. Egypt bombed Islamic State targets in Libya after releasing a video that showed the beheading of 21 Egyptians. Libya is a major oil producer in North Africa.
Libya's National Oil said it would stop pumping crude at all its fields if the attacks continue, with output being already cut after the bombing of a pipeline that carries oil to the eastern port of Hariga, according to official reports.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 52.50 levels from here losses could be extended to 51.65 levels.