Oil continues to climb

WTIC Oil prices settled higher for the third consecutive day, +$1.30 (2.5%) @ $53.29. First upside target is the $60 threshold. A major multi-month bounce/retrace looks underway, which should likely max out somewhere in the 67/75 zone this summer.


WTIC, weekly'2

WTIC, daily

Summary

Over supply remains a key issue, but for the moment, the market is still managing to drive the underlying price to the upside. Certainly, the $60s look viable within the near term.

Regardless of the next set of API/EIA reports, Oil looks set to claw higher into the summer.

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Looking ahead

Wed' will see Empire state, Indust' prod, housing market index, EIA oil report.. and a Fed beige book (2pm).

*Fed officials Bullard and Fischer will be speaking in the morning, and Mr Market will be closely listening.
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Goodnight from London