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Commodities Briefing - Categorized | Oil, Price Watch more

Will oil prices break $100?

Posted on 28 June 2013

During the past four days, the price of light sweet crude oil has risen and is slowly pushing toward the $100 mark again. That has sparked my interest in taking a closer look at oil following my May 31 examination, again using the U.S. Oil Fund (USO) as a proxy.
First things first. For a little perspective, let’s look at a long-term chart of the light sweet crude futures contract. The chart looks back to 2009, showing a sturdy uptrend with support in June 2012 and again in April 2013. At the same time, the trading range has undergone a fair amount of tightening so far this year, wedging the price of oil between the 2011 downtrend resistance and the aforementioned support line………………………………………..Full Article: Source


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VRS - who has written 38515 posts on Opalesque Commodities Briefing.


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