Brent crude oil approaching $ 113 a barrel

Technical analysis for crude oil -14 June 2013

Brent crude oil approaching its highest level in three months. In whichBrent crude oil reach $ 113 a barrel yesterday, supported by optimism economic, before the meeting of  Central Bank committee policy and the publishing of American employment data. It was expected to show further signs of recovery for the largest oil consumer in the world.

It has concluded that, the Federal Open Market Committee, which sets policies of the Federal Reserve (the U.S. central) in a two-day meeting, on Wednesday, it said that it expects to maintain short-term interest rates and a very low support to the economy.

It is likely that the figures show jobs in the non-agricultural sector, which issued on Friday, the stability of the unemployment rate unchanged in January, and it has been providing 155 thousand jobs, as noted by economists surveyed by Reuters opinions.

Production and the increase in the manufacturing sector in China and the United States developing rapidly in nearly two years. While the German business sentiment improved for the third consecutive month in January, reinforcing expectations by rising demand for oil.

Brent fell in futures of March delivery by 20 cents to reach the level of $ 113.08 a barrel. The record contracted that, the highest level in three months was $ 113.84 on Friday.

The U.S. light crude rose ten cents to reach the level of $ 95.98 a barrel, after seven consecutive weeks of gains in the longest rally since early 2009, which means that it is the highest rally in five years.

Futures ended the international benchmark for crude Brent last week on a gain by $ 1.39 by 1.2% after paying sales price for a profit to retreat from the high levels recorded earlier in the session. While some investors expected that crude oil will reach soon the level of $115.50 a barrel before the end of the current year 2013. They expected that price, due to the increase of manufacturing sector all over the world, which means the increase on the demand of oil.