Crude Oil Update

Crude oil prices are trading at highest level for 2007, with WTI Nymex crude oil breaking above $61.50 level.

The move comes after supply data yesterday, which showed an unexpected fall in both US distillate and gasoline stocks.

Also pushing prices higher was report by the International Atomic Energy Agency (IAEA) which declared that Iran has failed to suspend uranium enrichment.

This together with announcement from the US DoE to increase the size of the Strategic Petroleum Reserve (SPR) is now seen pushing prices higher, with technical's pointing at a break-out of an inverse head-&-shoulders pattern -- targeting a move to $72.70.

Such move shall help the Precious Metals, we expect to hit $700 very soon, as traders interests is hugely coming back in the market.