Oil price today technical analysis 4-2-2013

Technical analysis for crude oil -14 June 2013

The price of oil has not changed much in New York, followed by a covered to the longest stretch of weekly advances in more than eight years, amid economic recovery indicated in the United States and China, the biggest consumers of crude oil in the world.

Futures traded near its highest level in two days after it rose by 2% during the week ending on February 1, and is the eighth consecutive gain. China’s service industries grew last month at the fastest pace since August, according to data released by the government yesterday. Increased salaries in the United States by 157,000 employees during the month of January, as shown by figures released by the U.S. Department of Labor on February 1.? The euro traded near its lowest level since month Novbmr 2011 against the euro, which has increased the attractiveness of investment on key commodities priced in U.S. dollars.

“Rick Spooner,” leading analyst of the company’s markets CMC Markets in Sydney: “There was a lump sequence of good economic news in recent times, and the PMI services from China and employment figures are not an exception.” “These things, in addition to the weakness in the U.S. dollar, generally helps in supporting the oil markets.”

Oil prices to order the month of March was at $ 97.51 a barrel, down 26 cents, in electronic trading on the New York Mercantile Exchange at 13:23 Singapore time. Volume of all contracts was less than 50% below the moving average of 100 days. Futures rose 28 cents to $ 97.77 on February 1, and is the highest close since Jan. 30.