WTI prices are edging slightly lower this morning as the price is consolidating the recent spike and correction from the 63 handle which occurred following the news of attacks on Saudi oil facilities at the start of last week. Due to the growing tensions in the Middle East, crude prices were supported overnight traveling back above the 58 handle after printing a low of 57.35 per barrel. However, despite warnings from the Houthis on the potential for a second Iranian strike on Saudi oil infrastructure, reports that Aramco's struck assets could fully restore production by early next week are weighing heavily on crude oil prices.
Crude oil prices edged lower during yesterday’s session before finding support by the $57.4 level and traveled back above the $58 level as of this morning. The price is currently trading just above the $58.26 support level as the range of trading is still tight. We expect a big move ahead especially that the momentum is still practically unchanged and we will be focusing on the downside with the $57.4 support level on our watch.
Support: 58.26/ 57.81
Resistance: 58.8/ 59.28