Oil prices are now at the outbreak?

April 28th, 2012 0 Comments

New York (aktiencheck.de AG) – As oil prices go sideways for days now, and Brent still not overcome the mark of $ 118.40, the price of oil can now succeed in the outbreak.

Of WTI oil traded today in early European trade by 0.31 percent in the plus and costs $ 99.48. Brent crude oil rose 0.42 percent to $ 118.20.

Thus, the Brent price is only slightly lower than the aforementioned horde of $ 118.40. Support would get the oil price today of the friendly targets in Asia and a flood of quarterly results. If this majority is positive, now the stock markets tend to be clean and as recently saw a striking correlation between oil prices and the stock had been during that Brent could break today.

As the analysts at Commerzbank Corporates & Markets report, a potential loss of Iranian oil exports is a major problem for the market, after it became known that China also have payment problems due to sanctions. Already announced last week that it was going to stop because of payment delays Iran supplies to India. Should not quickly solve the financial difficulties and Iran can stop the shipments to China, China and India would miss a total of about 1 million barrels of crude oil per day, a lack which the market is not prepared. Such news would be a reason for investors to strengthen their oil purchases. These were their net long positions in the week ending July 19 increased to 171,400 contracts.

The technical analyst at BNP Paribas still expects sideways Brent courses. It succeeds then generate a breakthrough over the $ 118.40 1 / 1 buy signal, now open directly to the potential in the range of $ 119.45. Only about it on a closing basis, more than $ 120.00, even in the medium term a new buy signal is generated.