Crude Oil prices continue to rally on Thursday, with Brent crude trading above $110 per barrel, as fresh Houthi attacks in Saudi Arabia heightened concerns over regional security, shipping routes and oil supplies.
The developments also prompted the United States to order some diplomats and their family members to leave American missions in the Kingdom.
US West Texas Intermediate (WTI) crude futures were trading at $98.05 per barrel, up 90 cents, or 0.93%. Brent crude futures rose $1.15, or 1.06%, to $110 per barrel.
Aamir Makda, Commodity & Currency Analyst – Technical Research, Choice Broking said, “Brent oil has remained indecisive in previous session where price has toggled between $107 – $113. However, price has still maintained above $110 a barrel. Key support would be at 20-DEMA level placed at 9129 and on the other side, immediate resistance would be at 9593. We are expecting Sideways-to-Bullish trend in Crude oil ahead of inventory release in evening.”
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