Both WTI and Brent have been hugging the upside technical channel breakout level with the spot WTI contract actually trading marginally above the resistance level. Now that the US fiscal cliff deal is in the background the market has moved its focus to the more normal price drivers... economy, fundamentals and technicals and less so on individual events. On the economic front the data over the last month or so has been mostly positive with the exception of the latest FOMC meeting minutes that spooked the market a bit when several members suggested that the massive QE program should end in 2013( I believe it was an overreaction).
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