"Crude horizon is murky, emitting bearish signals. Despite hitting a 15- month highpoint last week, fundamentals do not appear strong enough to sustain the bull run – much longer.
Markets spiked late last week as the US Energy Information Administration's (EIA) weekly crude stockpiles tumbled by 9.9 million barrels in the week ended July 5, indicating some pickup in demand.
And while the fast changing political scenario in the Middle East helped strengthen the crude markets somewhat, the statement of the Fed chief Ben Bernanke clarifying the US central bank's stimulus drive would be kept in place "for the foreseeable future,” also helped the markets maintain some confidence."
'via Blog this'
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