Oil Bursts Through Resistance – Next Stop $69-$70

Posted by Karolin Schaps - Reuters

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oillOil prices jumped to their highest level in eight months on Wednesday, rising for a third consecutive session on supply disruptions in Nigeria and strong Chinese demand data.

There was also a larger-than-expected drop in U.S. crude inventories on Tuesday, indicating an easing of the global supply glut. A weak dollar, which hit a five-week trough against a basket of currencies on Wednesday, also boosted prices. 

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Related: Martin Armstrong: Oil at a Critical Juncture – Martin notes that if Oil breaks above the $49 level look for a rally to the $69-$70 area.”