ENERGY FUTURES UPDATES

The possibility for cease fire talks and diplomatic efforts in the Israel - Hezbollah conflict set crude oil prices under pressure this morning as U.S Secretary of State, Condoleezza Rice arrived to Jerusalem. Positive comments from Syria supported the idea of an international buffer zone in Southern Lebanon. September Crude oil came off 50 cents this morning and currently resting just above the 73,80 support. A break here would indicate oil back to old supports at $72,50/bbl and $71,20/bbl resistance levels at $75/bbl and $75,95/bbl

Comments from Saudi arabia oil prices too high at current levels in a strive talking down the market was most likely regarded as an empty statement, and focus were entirely on the Middle East conflict.




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