19 Dec 2014
Oil prices rise 1.5% in Europe trading
FXStreet (Mumbai) - Both Crude oil benchmarks continued its rebound from five year low and traded higher as market continues to digest comments from Saudi Arabia’s oil minister yesterday.
Currently, Brent oil trades at USD 60.13/ barrel and WTI crude oil trades at USD 55.24/ barrel, both gaining over 1.5% on the day. Oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, Al-Naimi said, according to comments published yesterday by the Saudi Press Agency. Steady global economic expansion will resume, spurring demand, according to the minister, leading him to be “optimistic about the future.”
Moreover, crude oil prices also garnered support from rallying global equities and from a positive market sentiments building across Asia and the US.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 62.50 levels. Meanwhile, support is seen at 60.52 levels from here losses could be extended to sub 60 levels.
Currently, Brent oil trades at USD 60.13/ barrel and WTI crude oil trades at USD 55.24/ barrel, both gaining over 1.5% on the day. Oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, Al-Naimi said, according to comments published yesterday by the Saudi Press Agency. Steady global economic expansion will resume, spurring demand, according to the minister, leading him to be “optimistic about the future.”
Moreover, crude oil prices also garnered support from rallying global equities and from a positive market sentiments building across Asia and the US.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 62.50 levels. Meanwhile, support is seen at 60.52 levels from here losses could be extended to sub 60 levels.