Crude Oil prices are firmer amid Middle Eastern concerns. Potential of further Israel conflict escalation and it’s effect in the region. Geopolitical tensions in the Middle East are usually seen as risk and therefore potentially increase the upward pressure on Crude prices.
Brent Crude January contract is currently trading at $109.95 a barrel and WTI Crude is at $87.99. The spread between European and US benchmark contracts is at $21.80 in favour of West Texas Intermediate.
WTI Crude Daily timeframe price action rebounded higher off last week’s lows and also above 20 Day SMA level. Support on the downside is located at 85.00 followed by 84.05. Alternatively if the current levels hold, the resistance on the upside is located at 87.70 followed by 89.22 and 90.14.