Oil Prices Rise on Technical Correction
Oil Prices Rise on Technical Correction
Oil prices gained in early Asian trade on a possible technical correction after settling lower on Wednesday. According to Antonio Di Giacomo, senior market analyst at XS.com, oil prices have remained high in recent weeks amid fears of supply restrictions. Geopolitical risks have not fully disappeared, keeping volatility high across commodities and currencies. Front-month WTI crude oil futures rose 1.9% to $90.38 a barrel, while front-month Brent crude oil futures gained 2.0% to $96.15 a barrel.
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The news directly reports a price increase in WTI futures and highlights the impact of technical correction and geopolitical risks.
WTI CRUDE OIL
USOIL represents WTI crude oil; the news directly impacts price increase and supply concerns.
Crude oil futures are positively impacted by the price increase reported in the news.
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