Oil Prices Rise Another 2%, Posting New Highs

WTI Crude oil prices rose more than 2% intraday on Tuesday.

The gains came on the back of developing fundamentals that are bullish for the commodity.

With prices now rising higher, we expect the gains to continue.

The next main resistance level is at 42.00 which previously served as support.

In the near term, any declines will see a minor support level forming at the 35.30 level.

A break down below here could trigger further declines down to the 33.66 level.

Establishing support at this level will, however, validate the upside bias.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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