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Oil Prices Rally on Cold Weather

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Oil prices opened on a bullish note in the Asian trading session rising to a new 13 month high.

The gains came as the cold winter has fueled demand for the fossil fuel.

Price rallied to a new high of 60.75 before giving back some of the intraday gains. However, towards the late European trading session, oil prices were seen giving back some of these gains.

If oil prices continue to pull back, then we might get to see prices covering the gap from Monday’s open. To the upside, the next main resistance level is near 61.35.

The current rally in the oil prices also comes as the US dollar has been trading weaker over the past few weeks.

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