Oil futures marked a high of 104.10 and a low of 103.6240 on Friday as crude oil hit more than three-week low on Monday amid expectations of a rise in supplies as Libya gears up to resume oil exports from two ports that have been closed for nearly a year. The benchmark dropped 2.3 percent last week, its biggest weekly decline since early January, as the Libyan news offset worries about exports from strife-torn Iraq. Libya is a near-term wildcard, but any Libyan volumes that return to the market simply mean that Saudi Arabia wont have to increase output as much this summer. But geopolitical tensions in Iraq and Ukraine should continue to underpin oil prices. Investors are also eyeing Chinese trade data due later this week for further evidence that a recovery is taking hold in the worlds No. 2 economy as a flurry of government stimulus measures kick in. (Monday, July 7, 2014) DAILY TECHNICAL RESISTANCES AND SUPPORTS CURRENT PRICE: 103.80 RESISTANCES: 104.04 104.50 104.95 SUPPORTS: 103.42 102.93 102.52
Posted on: Mon, 07 Jul 2014 12:26:00 +0000
Trending Topics
Recently Viewed Topics
© 2015