UK Oil

13:55, 01 July

Market Recap

On Tuesday last week we covered UK Oil which spent the remainder of the week consolidating in a narrow range around $65 before easing a little to finish out the week. In the last couple of weeks prior Oil rallied higher to reach a three week high last week near $66, before the drop. Just prior to the rally it had done well to consolidate a little trading in a narrow range roughly between $60 and $63, after falling sharply in the few weeks before, and the $63 level is likely to offer some support should Oil continue to decline.
Throughout the second half of May oil fell sharply from around the key $71 level down to its lowest levels in four months below $60, before the recent rally.