While stock markets and precious metals are being multidirectional, oil prices are growing confidently.
Friday was a bullish day for the market of crude oil mainly due to the Federal Reserve’s decision to start another round of quantitative easing (QE3) and concerns over possible oil supply issues in the Middle East.
InterContinental Exchange Futures Europe (IСE Futures Europe) offered a barrel of Brent oil for $116,66 (+0,78%). A barrel of WTI (Light Sweet) appreciated by 0,69% up to $99,00 in New York (NYMEX).
Today, the concerns have escalated. Consequently, we can see oil prices continuing rally. In particular, the WTI (Light Sweet Crude Oil) futures contract for October delivery is up by 0.4% ($99,14/b). The Brent futures contract of October delivery costs $116,97/b (+0.27%).
The chart below, courtesy of , reflects the current state of affairs in the market of WTI (Light Sweet). $100/b is a strong psychological barrier. However, there are chances of a price rally until the price breaks and consolidates below $ 96,5/b.
Прогноз Каминской Елены, руководителя отдела аналитики рынков международной компании Henyep Capital Markets UK Ltd.
