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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

$100 a barrel for US oil looms again

Posted on 18 June 2013

Oil prices could consolidate around current levels this week, supported by expectations that the Federal Reserve won’t slow its bond-buying program, according to CNBC’s weekly sentiment survey, though some are not excluding an upside surprise and a return to triple-digit U.S. crude.
Strategists highlight the $98 a barrel level for U.S. crude futures – above the upper-end of the $90 to $97 trading range held since May 1 – as a critical level. A convincing move above $98 this week may foreshadow a return to $100, defying the weak fundamentals of high supply and soft demand, they say………………………………………..Full Article: Source


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