Crude oil prices rose sharply yesterday, climbing over 6.00% to close the day near the highs of $49.00 following a rapid rally in prices and breakout from a recent consolidation. The gains in oil benchmarks comes on the heels of prolonged sideways price action which saw prices trading within the highs and lows of $48.00 and $44.11 respectively. Investors should conceivably expect to see a pullback in prices with a decline back to the range high of $48 to establish the support ahead of further gains not an unreasonable possibility. While API reported a drawdown of -1.200 million barrels yesterday, the EIA weekly crude oil inventories report due later this evening is forecast to show US commercial stockpiles storage having posted a an increase of 2.200 million barrels. The gains in oil prices saw commodity currencies such as the Canadian Dollar and Norwegian Krone post solid gains.
BoJ Leaves Policy On Hold
Daily Analysis - 07/10/2015