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US Oil : Break Out From Resistance Possible Amid Ukraine Crisis

US Crude Oil Prices rose today as Ukraine crisis added uncertainties about the oil supplies. On Sunday Ukraine government announced that it was sending its troops to suppress Russian rebellion despite of warnings from Kremlin. The sanction against Moscow might affect the Russian exports of Oil and Gas. Russia is a crucial supplier of Oil and Natural gas to Europe. Another concern which raised Oil Prices is the resignation of Libyan Prime Minister showing nation’s instability. Libya is the part of the Organization of the Petroleum Exporting Countries, a group which produces 40% of the world supplies. Libyan oil production was expected to return to normal levels which helped oil prices to move down, but now the government instability might again push the Oil prices higher.

On the hourly chart of US Oil, it seems like the pair is following a rising channel trend. However the bias is towards the breakout of the resistance trend line.The pair might also break the support trend line,falling up to the level of 103.08. If the pair move towards the resistance trend line from the support level there are chances that the pair might break this resistance trend line.