Oil prices market Technical and Analysis for June 13, 2011
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Light Sweet Crude
As the Saudis announced they are going to increase output of oil, the recent shock of the OPEC meeting failing to reach an output consensus is falling
rapidly. The Thursday market fell sharply, but it must be said we are still in the same trading range we have found ourselves in over the course of
several week. Because of this, we still see $95 as a line in the sand – and as long as we are above it, we want to buy dips.
Brent The Brent market fell as well, and found the $117.50 area to be supportive, which of course is what a bull wants to see after a break out. The
resistance has turned support, and could be a launching point for a run higher.
Crude Oil Daily Fundamental Analysis for June 13, 2011
Crude oil prices dropped back below $100 on Friday, as news emerged that Saudi Arabia is planning to increase its oil production, which put
downward pressure on prices, while concerns in financial markets over the outlook for global growth also added negative pressure on crude oil
prices, which sent crude oil prices tumbling below $100 a barrel.
We expect crude oil prices to continue trading within a limited range on Monday, where a lack of economic data should keep trading ranges limited,
however, we still believe crude oil prices will drop over the short term on concerns over the outlook for growth in major global economies
including the United States economy.
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