In the previous week after some very positive news for the dollar like a decreased trade deficit on the balance of trade, lowered unemployment rate and better than expected NFP. This created some losses on the oil chart against a stronger dollar and is currently on the move to regain back those losses. On the…
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The US energy department announced on Friday that it will start repurchasing crude for the Strategic Petroleum Reserve - the first purchases since releasing a record 180 million barrels from the reserve this year in an effort to support the economy from increasing fuel costs. On the technical side we see the price continuing the…
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On technical analysis we can observe that the price is trading in a strong uptrend for the last month. It is trading outside the upper band of the Bollinger bands indicating high volatility while the current trading area is a strong resistance consisting of the round number of $1800 and also the last resistance area…
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