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11:08, 29 juillet

Daily Analysis

On Tuesday last week we covered UK Oil which spent the rest of the week resting on the support at $63. In the last week or so UK Oil fell sharply back to the key $63 level where it enjoyed some solid support. It met stiff resistance at $68 which has suppressed prices for the last two months and this level will again play a role should oil rally. Over the last month or so it has slowly moved higher from a three month low below $60, and for more than one month now, oil has enjoyed some support from the $63 level.
This support may provide a good base for it to potentially threaten the next significant level of $68. In early June, oil did well to consolidate by trading in a narrow range roughly between $60 and $63, after falling sharply in the few weeks before.