Crude Oil Futures Update

March Crude Oil still has wild swings again on Friday, trading down to 59.30 before reaching a new high at 60.95 and trading back again Towards 59.40 level.

The market is driven by a Bull Market mood-colder weather, small Oil disruptions and OPEC cuts kicking in-but at the same time last US Stocks Inventories showing no sign of real tightness and fear of the same result next Wednesday.

Up to now the pattern has been the Market waits to have the US released behind to enter new Longs.

Resistance is at 61/62 and Market should struggle to break it as we are becoming overbought. 59.20/58.80 should hold to keep the focus higher.