25 Jun 2014
Oil jumps $1.5 post NY close
FXStreet (Bali) - Oil had a $1.5 vertical rise in the last few minutes, reaching its highest at 107.43, just a few cents shy from its 2014 peak.
While the catalyst is still unclear, there is chatter in the market about a story Via WSJ as the main catalyst.
The WSJ reads: "The Obama administration has quietly cleared the way for the first exports of unrefined American oil in four decades, allowing energy companies to chip away at the long-standing ban on selling U.S. crude overseas."
Technically, Crude Oil remains in a $2.5 day range between 105.10 and 107.60, with a break above the latter potentially opening the doors towards the next key level of resistance circa 108.80/109.00, ahead of 110.0 and 112.00 (levels from Aug 2013).
While the catalyst is still unclear, there is chatter in the market about a story Via WSJ as the main catalyst.
The WSJ reads: "The Obama administration has quietly cleared the way for the first exports of unrefined American oil in four decades, allowing energy companies to chip away at the long-standing ban on selling U.S. crude overseas."
Technically, Crude Oil remains in a $2.5 day range between 105.10 and 107.60, with a break above the latter potentially opening the doors towards the next key level of resistance circa 108.80/109.00, ahead of 110.0 and 112.00 (levels from Aug 2013).