oil
Oil prices managed last week to break the psychological barrier at 70.00$ pb and close above it, for the first time in almost a year, affected by fears regarding oil supplies in the U.S. which is now one of the main concerns that trouble markets lately. As we mentioned previously, in case supplies will witness further decline in the largest energy consumer in the world, we might see new high levels for crude, and this was the case; therefore oil prices recoded on Friday a high of 71.06$ pb and a low of 69.46$ pb, closing at 70.68$ pb, and recording a total incline by the end of the trading session of 1.11$.
As for todays morning trading session, oil prices recorded a decline by 25 cents until the hour of this report on profit taking transactions, but its still traded above the 70.00$ level. Crude recorded today a high of 70.68$ pb, and a low of 70.31$ pb, as it opened at 70.52$ pb.
Despite the return of the U.S. oil refineries to their usual production capacity, after being held by some maintenance operations, however fears regarding oil supplies in the U.S. still govern markets, especially after the decline gasoline stockpiles recorded on Wednesday when the EIAs weekly petroleum report was released. The mid of this week, on the 4th of July to be more precise, we have the Independence Day holiday in the U.S.; in carrying on the ceremonial celebrations US citizens will tend to head for long drives and weekend get away; therefore, demand on gasoline is expected to boost significantly.
The terrorist attacks which took place on Friday and Saturday in Britain, did not affect oil prices in anyway, as it did not distress supplies and demand.
Support 69.74 68.80 68.14 67.64 67.34
Resistance 70.40 71.34 72.00 72.94 73.44
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Originally Posted by london
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