WTI settles 2.7% higher amid geopolitical tensions

By FXStreet FXStreet (Córdoba) – Crude oil prices advanced to fresh 2-week highs, with WTI futures trading as high as $43.44 a barrel in the American afternoon, and closing the day a few cents below the 43.00 mark.

Crude prices surged on news that Turkey downed a Russian fighter jet near the Syrian border. Mideast tensions helped WTI to post its largest one-day gain in three weeks, although the advance has not been enough to break above some critical resistances and therefore, further gains are still to be seen.

WTI technical perspective

“Technically, the daily chart shows that the price stalled around a strongly bearish 20 SMA, whilst the technical indicators have recovered, but remain below their mid-lines”, said Valeria Bednarik, chief analyst, FXStreet. “In the shorter term, the 4 hours chart suggest the upward move could extend on an advance beyond the mentioned high as the technical indicators continue grinding higher well above their mid-lines, while the price stands above a horizontal 20 SMA currently at 41.80”.

Support levels: 42.50 41.80 41.20. Resistance levels: 43.40 43.90 44.60.
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Source:: FX Street