Crude Oil Advances for a Second Week

Crude Oil rose on sentiment that economic improvement is gathering pace in U.S.

WTI Crude Oil, September contract traded $93.51 in the electronic trading session on the New York Mercantile Exchange on Monday 13th August.

WTI Crude settled to $92.85 on Friday last week after initially falling to $91.63 during intraday hours.

Brent Crude Oil, September contract on London’s ICE Futures exchange rose to $114.28 a barrel. A more liquid (actively traded) October contract was trading at $111.46 a barrel.

Brent Crude was $20.45 more expensive than WTI Crude. The spread between the two varieties was initially impacted by maintenance shutdowns at North Sea fields which are the physical basis of the Brent Futures contracts.

Brent Crude technical analysis is showing a clearly defined uptrend supported by a rising trend line and Moving Averages. However indicators and oscillators (MACD, RSI, Stocch) are reaching overbought conditions. Support levels on the downside are located at $111.27 followed by $107.09 and $101.06. Alternatively first resistance on the upside is located at $116.30.

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