Markets

The Energy Report - Hope Springs Eternal

Oil prices tried to put Cyprus aside and decided to focus on improving US economic data and seasonal factors. While the EU is trying to assure us that the Cyprus bailout is not a template for future bailouts there are still fear that there could be a run on banks across Europe. Euro -zone consumer confidence is weak and more than likely will get weaker.US bonds are starting to run as investors start to look to the US as a safe haven play. That mood may play into the oil momentum for awhile if we see increased panic the rally could fail. Technically oil looks poised to test near 97 a barrel which should be close to the upper end of our range as the weakening euro-currency should help provide overhead resistance.

Read More on International Business Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos