Crude Oil rises on Positive sentiments.
| Category: | Commodity Trading | Crude Oil Trading |
| May 29, 2012 | | Comments Off | |
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Crude Oil rises on Positive sentiments.
Crude Oil has a strong support at $88.30. On rises from here, Crude Oil may face resistance at $93.25 & $96.85. A break above $97 will push Crude Oil to 101.20 & then to 104.50. Crude Oil will get highly bullish only on a break with strong momentum above $105 with focus on a target of $118. As of now, any breach with a sustained momentum below $88.30 may trigger a strong bearish trend for Crude Oil with a target set towards $78.40.
Crude Oil rose for a third day in New York as speculation that economic growth will boost fuel demand in the U.S. and China, the world’s biggest crude consumers, countered concern Europe’s debt crisis will worsen. Crude for July delivery climbed as much as $1.13 to $91.99 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.36. Current month prices are down 7.6% this year.
Natural gas extended its decline in New York amid forecasts that cooler weather will follow a heat wave, limiting demand for fuel at power plants. Gas for June delivery fell as much as 3.4% from the settlement on May 25.
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