Brent Crude Oil futures surged into new highs as phenomenon of popular revolt in thjavascript:;e Arab flared up again, this time with fears of Libyan oil supplies falling out of the supply picture. This last thrust up for the Brent Crude places it above $110 per barrel, the highest levels since 2008. It also puts the price above the Rising Wedge chart pattern which the market has been trading inside of since the price first penetrated the $100 per barrel ceiling.
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The Rising Wedge, shown here on the Autochartist 30-minute candlestick chart, highlights the impressive momentum of the last surge, as short-covering, fear-driven end users and speculators piled into the world's crude oil futures. The Brent futures encountered some selling pressure at the upper band of the Rising Wedge, but gained nearly $6 per barrel in the run-up to that resistance area in less than two trading sessions.

The initial breakout sets up a technical picture for a continuation of the rally. The price for Brent Crude is projected to reach a minimum of $112.76 with the higher end of the targeted range coming in at $114.20, with the US Crude Oil futures trailing behind in price, but more than likely following in the same direction.

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