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Oil is in the news today with crude futures at a potentially key level.
The main item came this morning from the U.S. State Department, which took a hard line against Iran. Washington is reportedly demanding that companies stop shipping oil from the terrorist state by the start of November. That’s a tougher stance than allowing a gradual phase-out.
The key points are potentially bullish for oil prices:
Earlier in the day, two conflicting stories hit. First were worries about Libyan supplies getting disrupted (bullish for price). Countering it was a report that the Saudis plan to increase oil production next month. Those two stories now fade before the Iranian news. Remember that crude-inventory reports are due tonight from the American Petroleum Institute and tomorrow morning from the Energy Department.
Looking at the chart, crude oil futures (@CL) are back above their 50-day moving average for the third straight session. They’re also set for their highest close in a month. That could make some chart watchers look for the longer-term uptrend to resume.
Crude oil futures (@CL) with moving averages and potential support level.
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