WTI Crude Oil XTIUSD Chart Technical Outlook may extend gains to $77.67 as Mid-East tensions intensify
Hamas senior leader Ismail Haniyeh was killed in an airstrike in Tehran, Iran, in a move attributed to Israel. That comes after a high-ranking Hezbollah commander was assassinated in Beirut, Lebanon – a move which Israel took responsibility for in response to the killing of 12 young Israelis in the country’s north.
Some fear these killings may lead to an escalation that would lead to disruptions to oil supplies.
Besides geopolitics, Oil has room for recovery within known ranges after big falls beforehand. WTI Crude Oil (XTI/USD) has topped $76.05, a support line turned resistance, and bulls now eye $77.67, followed by $78.63. Support is at $75.60 and $74.07. The broad trend remains to the downside, but WTI could rally in the short term.
