UK Oil

09:01, 15 July

Daily Analysis

On Tuesday last week we covered UK Oil which spent the remainder of the week rallying higher and moving towards the key $68 level. In the last two weeks UK Oil has crept up back above the key $63 level after it has spent the last month climbing higher from a three month low below $60. In the last two weeks it has enjoyed some support from the $63 level and as expected this support allowed it to consolidate and threaten the next significant level of $68.
Earlier last month Oil had done well to consolidate by trading in a narrow range roughly between $60 and $63, after falling sharply in the few weeks before. If it fails to break through the $68 level, then it may well stay within its current trading range between $63 and $68.