Analysis and Recommendations:

Crude Oil is up as the week closes, trading at 107.39, Crude oil rallied on positive payroll numbers from the US and the ending of the Greece crisis, with the bond swap complete and final approval from the EU, now other matters can take center stage. There is no reason for oil to remain at this level, and all indications are that it will begin to fall.

Iraq has started crude oil exports from a new floating terminal at a rate ranging between 240,000-600,000 barrels a day, a senior Iraqi oil official said Friday. Iraq is currently exporting around 1.7 million barrels a day from the south, but it couldn't export some extra 150,000-200,000 barrels a day because of lack of export capacity in Basra oil terminals, Iraqi oil officials had said. Once this production is online, it should help offset any shortfalls from the embargo of Iran and also help reduce prices.

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Economic Events: (GMT)

WEEKLY

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
104.253
105.192
106.323
107.262
108.393
109.332
110.463

Fibonacci
105.192
105.982
106.471
107.262
108.052
108.541
109.332

Camarilla
106.886
107.076
107.265
107.262
107.645
107.835
108.024

Woodie's
-
105.240
106.420
107.310
108.490
109.380
-

DeMark's
-
-
108.863
107.496
106.793
-
-