News that two Saudi oil tankers have been attacked off the coast of the United Arab Emirates has raised fears about oil security in the Gulf region and given crude oil prices a boost. The US contract, which from a technical perspective has been trading in a triangle pattern on the charts since Monday last week, has now jumped above the triangle’s resistance line and is drawing closer to the $63.00 high reached on May 6. If that is breached, there is little further resistance before the $64.77 high touched on April 30. Meanwhile, there is plenty of support in the $61.83 to $61.87 area, where the 20-hour, 50-hour and ... (full story)