Oil price rises today, in response to news of attack on Saudi Arabia’s facilities over the weekend. Energy Ministry confirmed that its largest export terminal at Ras Tanura in the Persian Gulf received drone attack on March 17, allegedly launched by Iranian backed Houthi rebels from Yeomen.
“Such acts of sabotage not only target the Kingdom of Saudi Arabia but also the security and stability of energy supplies to the world, and therefore, the global economy,” the ministry said.
WTI gaps up and hit as high as 67.83. Current up trend is still in acceleration mode. Next term target is 100% projection of 51.58 to 63.70 from 59.17 at 71.29. In any case, near term outlook will stay bullish as long as 59.17 support holds. Also, in the picture, with 65.43 resistance cleared, WTI is looking at 76.75 next.
