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Crude gains on renewed political tensions

FXStreet (Mumbai) - Crude oil prices at both the sides of the Atlantic advanced on renewed conflict in Ukraine and concerns regarding Libyan oil production.

WTI Crude for December delivery advanced 0.73% to USD 79.19/barrel, while Brent Crude for December delivery advanced 1.17% to USD 84.96/barrel. The prices gained as the crisis in Ukraine may hurt natural gas supplied during the peak period of winter, which will could lead to more use of oil. Meanwhile, the markets are spooked by reports of Libyan oil fields opening, closing and re-opening time and again.

WTI Crude Technical Levels

WTI Crude has an immediate resistance located at 79.41, above which the prices may test 80.52 levels. On the flip side, a failure to sustain above the immediate support located at 79.10, shall open doors for a re-test of 78.41.

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