US Oil trades higher on supply disruption, good to buy on dips

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Major resistance - $57.80 ( 61.8% retracement of $59.02 and $55.84).

US oil has taken support near trend line and started to jump from that level. The main reason for jump in oil price is oil production halt at North Sea and oil strike in Nigeria. The commodity jumped almost $1.5 from the low. It is currently trading around $57.54.
Shell announced production halt at Shear water and Nelson platforms due to forties pipeline shutdown. Forties pipeline shutdown worth £20m a day.

The number of rigs declined by 4 snapping a five – week streak of gains for the week of Dec 15 to 747 and up 237 YOY.

Technically, the pair jumped till 61.8% retracement of $59.02 and $55.84 and is consolidating around that level. Minor bullishness can be seen above $57.81 (61.8% fibo) and any break above will take the commodity to next level till $59.02. It should break above $59.02 for major trend reversal.

On the lower side, near term support is around $57 and any violation below will drag the commodity till $55.79/$55.

It is good to buy on dips around $57 with SL around $56 for the TP of $58/$59.02..

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