Crude Oil Prices are trading higher - ICICI Bank : Treasury Research

Crude oil prices are trading higher as expectations of US recovery aided the outlook for oil demand. Weakness in the Dollar coupled with continued geopolitical tensions in the Middle East further aided the gains. Meanwhile, WTI breached USD 108/bbl level yesterday, for the first time since March 2012. The WTI Brent spread fell to a 30 month low of 90 cents. The front-month WTI future is currently trading at USD 108.19/bbl compared to prior close of USD 108.04/bbl while Brent is trading at USD 108.86/bbl, compared to prior close of USD 108.70/bbl. Technically Brent is expected to trade in the range of 107.0-110.0/bbl.

Source : Equity Bulls

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