|02-17-2015, 01:45 PM||#1|
Crude Oil prices at $53,50 amid low trading volume, U.S. markets absence
Oil prices continued its rally and touched $53,50 a barrel as expected on Friday, then dropped on Monday affected by the technical strength of this level.
University of Michigan consumer confidence dropped on Friday from its highest in 11 years, increasing the negative pressures on the U.S. dollar. Traders are expected to push oil prices once gain to break above $53,50 a barrel this week.
Markets are anticipating the euro zone finance ministers meeting to be held in Brussels on Monday to discuss the Greek situation.
The U.S. markets are closed today for the President’s Day, which may cause a state of fluctuation in crude oil prices within a narrow range.
Technically, taking neutral stance may be the most likely option now, as buying signals were activated above $53,50 a barrel with stop-loss at the psychological barrier $50,00 a barrel.
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