Crude Rises above Key Moving Averages as Middle East Tensions Persist

The break above the 200-day moving average was the first such settlement for WTI since late September. Traders had flagged the level as a resistance point that, once cleared, could open the door to further gains if headline risk persists.

Natural gas prices also climbed, driven by expectations of higher US LNG export demand.

The weekly oil inventory report from the Energy Information Administration is due Wednesday. A draw larger than the five-year average would confirm tightening supply and reinforce the bullish technical breakout.