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Commodities

Oil Prices Surge on Middle East Supply Concerns

Guavy AI Editorial Team
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Oil
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The price of WTI Crude Oil is recovering from its recent sell-off, driven by concerns over supply disruptions in the Middle East. The market has gapped higher, only to pull back and bounce, showing signs of life.

The 50-day Exponential Moving Average (EMA) support area has been a key technical indicator for traders. As WTI crude oil moves upward, it's eyeing $103, with some resistance near this level.

Brent Crude Oil is also recovering, but faces resistance near $110. The market is consolidating above $105, with long-term support at the $100 level.

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