Oil traders have much to look forward today as an FOMC statement will follow the ADP employment rates, and the Institute for Supply Management’s manufacturing PMI results.
After trading between $88 and $90 a barrel for the past few days, it looks like oil will try to gain momentum and cross the resistance level of $90, this time for longer than the few hours witnessed in the past week.

Oil is still trading just below $90 a barrel in anticipation of the ECB meeting on Thursday. After Chairman Draghi stated on the 26th of July that the ECB would do whatever it takes to end the EU crisis, and following Geithner statement that he has trust in ECB actions to resolve the crisis, the markets reacted very positively on Monday. Expectations also arose from the Fed meeting this week while no strong action is on the table for now.

Oil has been trading below $90 a barrel the past 2 days in an effort to break the barrier with anticipated news from the EU and the US. Publications today from the US in regard to unemployment claims could impact the price of oil and good news will probably test with success the current resistance level.

Oil has been trading below $90 a barrel for a few days now, retreating from as high as $493 a barrel late last week. Still, if we take the past two months, oil prices have risen more than $10 a barrel even though most analysts can agree that there is noticeably low demand from two of the world’s largest oil consumers, the US and china.

Oil closed yesterday just above $88 a barrel after European and American indices plunged during a very tense trading session.
With Spanish 10 year bond yields heading towards 8% and Greek austerity results on the line, on this occasion, no news is bad news for investors.