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Crude Oil Surges from Major Support Levels as Bulls Eye 200 MA Resistance and Beyond

CRUDE OIL was closed on weekly higher levels after testing the low level of $ 55.11 in the last weekly trading session as WTI crude oil futures rose more than 3% to settle at $64.4 per barrel on Thursday, marking the second consecutive session of gains, as new US sanctions on Iran’s oil exports had stoked fears of tighter global supply. The restrictions focused on Iran’s oil sector and a China-based refinery, escalating pressure on Tehran amid nuclear tensions.