19 března 2009

19/3 Crude oil Update - oil gains on Fed buy back debt and weaker USD

Crude oil rebounded on renewed optimism that Fed is seeking to purchase about $1 trillion U.S. treasuries, mortgage-backed bonds and other debt. Also the dollar traded near a two-month low ag. The Euro, prompting investors to buy oil as a traditional hedge against inflation..

Despite increasing stockpiles (+1.94 mln barrels yesterday to 353.3 mln) which should be very bearish for oil the factors driving oil up is Fed buy back and weaker dollar and the continuous rally in the stock market.

Oil is trading $48.80.. up 1.4%..

Support is seen at 48.03 46.90 45.90
Resistance (strong) 49.90-50.00

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