9 Dec 2014
Oil rebounds as USD rally halts
FXStreet (MUmbai) - The prices of crude oil on both sides of Atlantic rebounded as investors closed their short positions after crude oil prices plunged to multi year lows in the previous session.
Brent oil trades at USD 66.43/ barrel and WTI crude oil trades at USD 63.46/ barrel, both recovering gains of 0.30% and 0.50% respectively, at time of writing. A short revival in oil prices may also be seen on dollar weakness across the board, making dollar-priced commodities more attractive for holders of other currencies.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 67.51 (50-day SMA), above which gains could be extended to 68 levels. Meanwhile, support is seen at 65.78 (10-day SMA) and from here to 64.08 (Sept 2009) levels.
Brent oil trades at USD 66.43/ barrel and WTI crude oil trades at USD 63.46/ barrel, both recovering gains of 0.30% and 0.50% respectively, at time of writing. A short revival in oil prices may also be seen on dollar weakness across the board, making dollar-priced commodities more attractive for holders of other currencies.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 67.51 (50-day SMA), above which gains could be extended to 68 levels. Meanwhile, support is seen at 65.78 (10-day SMA) and from here to 64.08 (Sept 2009) levels.