Oil broke the March high 106.95 last Friday. The short-term uptrend move could carry the price higher to the 119.3-120 area.
While the Fed leaves the QE programer unchanged, the price of oil has to move with the value of US$.
Even though the supply of oil doesn’t change very much, the demand for the summer season will increase, and will also lead the oil price higher.
A break above 110 line will be bullish. Oil price could then pop up to 113.60-114.
A move under 103 will be bearish and the price could dip into 99-100 range for testing.
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Oil – Daily chart
