Wednesday July 15, 2009

NYMEX crude oil prices rise above $60, snapping 3-day decline

bloomberg.com :

Crude oil prices rose, snapping three days of declines, as share markets advanced and an industry report showed a drop in gasoline stockpiles in the US. NYMEX crude oil prices for Aug 2009 delivery rose to $60.60 per barrel. Prices are still down 59% from a record $147.27 reached on July 11, 2008. Asian stocks gained for a second day after US stocks advanced on stronger-than-estimated retail sales, bolstering hopes a recovering economy will increase fuel demand. The MSCI Asia Pacific Index added 0.9% in Tokyo, up 44% from the March lows amid optimism government stimulus policies will revive the global economy.

- The $60 level seems to be quite a battleground for oil prices in the past few sessions, bouncing back and forth as they are around this level. The Golden Cross hypothesis continues to be shaky, pending invalidation below the 200-dma, or validation above around $65-70 and beyond. We shall see.

See also :

1. NYMEX crude oil prices rise above $73 on USD fall, Nigeria attacks
2. NYMEX crude oil prices fall below $63 on demand concern
3. NYMEX crude oil prices recover from $60.01 low on oversold rebound
4. NYMEX crude oil prices fall below critical $60 support level

(2009-07-15 18:25:06 SGT) [Energy] Permalink

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