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29 Dec 2014
Oil rises on Libyan supply concerns
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic rose today, ending the two-day fall, as escalating tension in Libya triggered supply concerns.
Brent Crude for February delivery rose 28 cents to USD 59.96/barrel; up 0.48% for the day, while WTI Crude for February delivery rose 66 cents to USD 55.39/barrel; up 1.20% for the day. Crude prices got a boost after Libyan officials said the ongoing fight for the control of the nation destroyed 800,000 barrels of crude - more than two days of the country's output.
Oil prices also received support from short covering by traders and plans by China and Japan to boost liquidity.
Brent Crude Technical Levels
The immediate support is seen at 60.40, above which gains could be extended to 61.00 levels. Meanwhile, support is seen at 59.76 and 59.20 levels.
Brent Crude for February delivery rose 28 cents to USD 59.96/barrel; up 0.48% for the day, while WTI Crude for February delivery rose 66 cents to USD 55.39/barrel; up 1.20% for the day. Crude prices got a boost after Libyan officials said the ongoing fight for the control of the nation destroyed 800,000 barrels of crude - more than two days of the country's output.
Oil prices also received support from short covering by traders and plans by China and Japan to boost liquidity.
Brent Crude Technical Levels
The immediate support is seen at 60.40, above which gains could be extended to 61.00 levels. Meanwhile, support is seen at 59.76 and 59.20 levels.