• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 21st June 2013

August crude oil continued its sharp rally which began two weeks ago when the market successfully held a major pivot zone at $94.32 to $93.13. The upside momentum generated by the move triggered a strong rally, boosted by a breakout through the downtrending resistance line of a triangle chart pattern.


Click to enlarge.

After taking out a pair of tops at $97.46 and $97.94, the market continued higher until it met selling pressure, slightly below the high for the year at $99.98.

The initial phase of the rally was fueled by speculators betting on an escalation of the conflict between the Syrian government and the rebels. Bullish traders were taking long positions in anticipation of a possible disruption in supply. The potential for increased turmoil in the region is likely to underpin the market, but unless something more dramatic occurs, the market may just settle into a range.

On Wednesday, June 19, the U.S. Federal Reserve announced in its policy statement that it was going to continue to fund its $85 billion per month bond-buying stimulus program. This would’ve have been supportive, however, in his news conference, Fed Chairman Ben Bernanke added that the central bank could begin tapering the buying if economic conditions improve enough to warrant such a change.

This comment triggered a sharp rise in U.S. interest rates, driving up demand for the U.S. Dollar. Since crude oil is priced in dollars, speculators sold it as they anticipate…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News