Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.
Brent crude futures (LCOc1), the international benchmark for oil prices, were at $58.27 at 0314 GMT, up 39 cents, or 0.7 percent from their last close – and third above mid-year levels.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $52.13 per barrel, up 25 cents, or 0.5 percent, and almost a quarter above mid-June levels.
On charts for WTI a technical pattern known as a ‘Golden Cross’ was approaching, in which the 50-day moving average price climbs higher than the 200-day moving average, which is widely seen as a bullish price indicator.


Source: http://www.fxters.com/crude-oil-forecast-and-technical-analysis-october-18th/

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