Oil closed on Friday at $96.44 a barrel and is now looking to gain momentum at its $95 to $98 range of trading. Any break above $97 a barrel could push oil once again to challenge the resistance level of $100 a barrel.
A weaker dollar after a dovish Bernanke speech on Friday is behind oil’s appreciation to its highest level since the start of May. Its next high of $106 could be challenged if further economic data extends stimulus expectations and tensions from the Middle East are still intact.
The US markets reacted well to Bernanke’s speech and are still rising, though in a very fragile manner due to the lack of any robust improvement in the American recovery. The future of Europe’s monetary union remains uncertain and a recession is still weighing strongly on future oil demand.

Oil closed on Friday at $96.44 a barrel and is now looking to gain momentum at its $95 to $98 range of trading. Any break above $97 a barrel could push oil once again to challenge the resistance level of $100 a barrel.
A weaker dollar after a dovish Bernanke speech on Friday is behind oil’s appreciation to its highest level since the start of May. Its next high of $106 could be challenged if further economic data extends stimulus expectations and tensions from the Middle East are still intact.

Oil traded yesterday on levels of $94 a barrel after a flat trading session before Fed Chairman Bernanke’s speech today at Jackson Hole.
Future demand expectations for oil were not affected by statements from US regarding unemployment claims, which were largely unchanged from the previous month at 374k.
Personal spending has risen 0.4% from the previous month, making room for increased optimism about the recovery of the American market, particularly in light of the good retail sales results just a few days ago.

Oil closed yesterday at $95.5 a barrel after trading as high is $97.5 a barrel in a strong range between $95 and $98 a barrel.
A tropical storm in the Gulf of Mexico has put major oil outputs at risk of less production in the near future, changing short term expectations for the price of oil.
Today we can expect two major events in the market, both of which may impact on the price of the commodity.
Firstly, there is the S&P/CS Composite-20 HPI. With the Fed indicating more ease to the economy if financial improvement not good enough, the housing market will be a major factor in future stimulus and growth expectations.

Oil closed yesterday at $95.5 a barrel after trading as high is $97.5 a barrel in a strong range between $95 and $98 a barrel.
A tropical storm in the Gulf of Mexico has put major oil outputs at risk of less production in the near future, changing short term expectations for the price of oil.
Today we can expect two major events in the market, both of which may impact on the price of the commodity.
Firstly, there is the S&P/CS Composite-20 HPI. With the Fed indicating more ease to the economy if financial improvement not good enough, the housing market will be a major factor in future stimulus and growth expectations.