WTI spiked on concerns over potential supply disruptions in ME

Trump and Russia standoff over President Bashar al-Assad is concerning.
WTI is set up technically for a test of the Dec. 1 2014 highs.

Ross J Burland FXStreet

WTI is up and testing territory on the $67 handle and had broken the year's high of $66.55 following reports of explosions heard in Saudi Arabia's country's capital in Riyadh. This came after the unconfirmed reports earlier that the Saudis had intercepted a missile flown over the area as well, which prompted a steeper rise in prices shortly after a U.S. government report revealed a bigger-than-expected weekly rise in domestic crude supplies.

Tensions in the Middle East are on the up

Tensions in the Middle East are on the up and there are concerns over potential supply disruptions in the region, forcing a spike in the price of oil. Additionally, the Trump administration has been working to marshal international support for a possible military strike against Syrian President Bashar al-Assad for an alleged chemical-weapons attack, a move that is rubbing the Russians up the wrong way who have warned and pleaded the US to refrain from military intervention or be prepared for retaliation.

"I would once again beseech you to refrain from the plans that you're currently developing," Moscow's UN envoy Vasily Nebenzia said on Tuesday.

He warned Washington that it will "bear responsibility" for any "illegal military adventure" it carries out.

President Donald Trump tweeted today that the relationship with Russia“is worse now than it has ever been, and that includes the Cold War”.

Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and “smart!” You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!

WTI levels

Bulls eye the $69.66 (high Dec.1 2014) level and a break there opens up a run $77.95 (high Nov.21 2014). RSI is leaning bullish towards overbought territory and momentum is with the move n the daily sticks with the price through the double top highs for the year. However, to the downside, the next support comes in at $63.73 (10-day sma) followed by $63.37 (21-day sma) and finally $61.77 (low Apr.6).

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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