Forex Trading : After touching 52.50 dollars a barrel areas yesterday, futures contracts for crude oil prices fell on Friday but still stable above the important psychological level at $ 50.00 and is trading futures April delivery at 50.90 at 11:30 GMT.
Despite the strength shown by the US dollar during the week and until now, but the oil is still moving in a positive compared to opening price at 48.30, and we go back this increase to the escalating tension on the political level in both Iraq and Libya and the growing fear of the deteriorating security situation in both countries, which may lead to a supply shortage in the coming period.
Also, oil is still influenced by a positive decision this week from Saudi Arabia to raise the price of crude oil exports to Asia, leaving a significant impact on the price of oil rises as it boosted speculation on the possibility of declining the offer.
Technically, a new high above the resistance at 51.30 daily deal may make it easier to re-test the 52.50 area again.