Crude Oil Futures Update

Oil still very volatile mood and after falling nearly $3 on Wednesday after the US Inventories bounced back sharply to make new highs yesterday on news that the seventh Oil field in California was disrupted by a fire.

In terms of impact we think it is a disproportionate reaction and yesterday’s knee jerk reaction could be unfolded in the next days.

Nevertheless oil broke some strong resistance at 59./59.40 level which is holding well at the moment. Market general mood is bullish and the smallest news is going to trigger a rally.