WTI Crude Oil XTIUSD Chart Technical Outlook set to resume toward $72.48 ahead of a tense weekend in the Middle East.
Explosions of beepers held by Hezbollah militants served as a significant escalation in Middle-East tensions. The move, associated with Israel, has raised concerns of a wider regional war. That could limit oil exports from the Persian Gulf.
There is no great appetite for an all-out war, but markets will likely be cautious ahead of the weekend.
Another positive factor for crude is upbeat US data, which suggests the world’s largest economy is still doing well.
WTI Crude Oil (XTI/USD) faces resistance at the recent high of $72.48, followed by $74.39. Support is at $69.60, then $68.46. The commodity’s price has stabilized after the big falls earlier this month.
