By CommoditiesMansion.com
Light Sweet Crude
The CL contract had a very quiet day today, and is closing just $1.28 or so a barrel higher than on Friday. With the recent volatility in the Middle East, the market could use a few more days like this to be honest.
As it stands, look to Friday’s bar for guidance. A close below it’s and we could see weakness. However, the $100 area should be relatively supportive and could give shorts an issue. A break above the Friday high in the $104 area could present more buying opportunities in the market place. The preferred direction is most certainly up.
Brent
As you can see, the Brent market was very similar as well as we are still within Friday’s range. We are finishing about a dollar higher, and we now know that the $112.50 level should serve as a floor, and the $117.50 area as a ceiling. Barring any headline risk, look for this market to consolidate for the short-term, with an upward bias.
