Crude oil is trading up $0.77 or 1.44%
Crude oil futures are trading higher on the back of reports of a Houthi missile attack on Saudi Arabia. There are no reported casualties.
Looking at the hourly chart of the crude oil the price is currently testing the 100 hour moving average of $54.05. It has been below that moving average since January 22. A move above the 100 hour moving average and staying above would have traders looking toward the falling 200 hour moving average up at $56.12 over time. He technical test here for crude oil traders.
The Houthi movement, officially called Ansar Allah and colloquially simply Houthis, is an Islamic political and armed movement that emerged from Sa'dah in northern Yemen in the 1990s.
