Energy Futures Update

Geopolitical concerns come at the forefront again.

The rhetoric between the USA and Iran has ratched up during the week–end with the USA keeping all option open and Iran President Ahmadinejad talking of no “reverse gear” on the nuclear program.

Comments came as six World powers will meet today in London and devise about sanction to apply-probably a mandatory travel ban against some Iranians linked to nuclear work, and expanding the list of individuals and companies hit by economic sanctions.

Today’s session-April Crude Oil: Above 61.20 focus should turn towards 62.50 which is a key resistance Short Term. Below support is at 60.60.

April Crude Oil is still in a Bullish channel-$59-64 on a Daily chart.