West Texas Intermediate (WTI), futures on NYMEX, strengthened after the blast at the Gaza hospital in which around 500 civilians were killed provoked
The oil price strengthens as investors hope that US Biden’s blame on Palestine for bombing at Gaza hospital would deepen Middle East conflicts. Supply chain disruptions due to Israel-Palestine conflicts would dry the oil supply in an already tight oil market. WTI oil rises above the 50% Fibo retracement at $87.36. unrest among the general public. The oil price rose sharply to near$88.00 as conflicts between Israel and Palestine are seen worsening further.
As per the estimates, oil stockpiles were drawn by 0.3 million barrels last week. WTI oil rise above the 50% Fibonacci retracement plotted from at $87.36. The 50-period Exponential Moving Average at $85.65 continues to provide support to the oil price bulls. The Relative Strength Index shifts into the bullish range of 60.00-80.00, ensuring more upside ahead. Fresh upside would appear if the oil price will break above 61.8% Fibo retracement around $89.
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