Crude Oil on 13 th October 2017, Crude Oil October futures up by (14) pts (0.42%) closed at 3310, trading range between 3300 – 3358. Crude oil for November delivery on the New York Mercantile Exchange settled at $ 51.45 a barrel. 

Crude oil market settled higher on Friday and continues to trade higher on Monday morning after U.S. President Donald Trump denied certifying that Tehran is complying with the accord, although international inspectors agree that it is. The drop-in rig count also supported the According to traders, the renewed U.S. sanctions against Iran were driving prices up.

Technical view:

Crude oil prices are expected to reach upper parallel line at$ 52.42(3400) which is nearby resistance line, although prices took strong support at $50(3250). It will now react with 50 day moving average and be trailing support line at $50.45(3275). It is likely for a range bound market over the near-term as prices are ready to form Rectangle chart pattern. There are less chances for an early break above resistance line at (52.45)3400, as this usually a struggling place.

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