Crude Oil Breaks Bullish – Get Ready for Buying Trade

On Friday, the [[WTI]] crude oil prices surge in Asia and extended gains into a fourth straight day over raising Middle East tensions...


On Friday, WTI crude oil prices surged in Asian session and extended gains into a fourth straight day over rising Middle East tensions. By the time of writing this, crude oil is trading over $63 resistance, which is now working as a support.

The jump in oil prices began after as the latest tweet of Saudi Arabia’s vice-minister of defense and brother of the country’s de facto ruler Khalid bin Salman said that Iran ordered a drone attack.

Consequently, investors are concerned that the world’s largest oil-producing country wants to move toward with another battle and has chances to further increase oil prices.

Technically, crude oil has violated long-held sideways channel which kept oil prices under $63. Earlier today, crude oil has broken the range to trade above $63.

For now, $62.95 level is likely to work as support now, as the pair is heading north for $64. So, the idea is to stay bullish over $63 support. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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