Trader confidence is high at present, with the safe-haven US Dollar dropping and stocks still rising. Moreover, IG client sentiment data suggest USD has further to fall.
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Crude Oil Latest: Brent Crude Price May Rise Further After Breach of $50 Level
Crude oil price, news and analysis:
After climbing above the psychologically-important $50/barrel mark last Thursday, and staying close to it since then, the price of Brent crude oil looks to have made a decisive break above $50 and is therefore well placed to advance further.
In a sign of underlying strength, traders have shrugged off news of an unexpected build in US crude oil inventories; data that might have been expected to have prompted a price drop. Advertisement
Brent crude oil price well placed to advance further
The Brent crude oil price, seen as the global benchmark for the commodity, looks to be heading still higher after rising above the $50/barrel mark on December 10, consolidating around that level and then making what looks like a decisive break to the upside.