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Crude oil prices bounced as expected amid broad-based recovery in risk appetite
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Crude oil prices bounced as expected amid a broad-based recovery in risk appetite. The rise may run into resistance going forward however as S&P 500 stock index futures point to weakness in late Asian trade, suggesting the correction may have run out of steam. Technically, the upside is capped by the 23.6% Fibonacci extension at $84.61, with a break above that targeting the top of a falling channel set from early May at $87.92. Near-term support stands at $80.97, the 38.2% Fib. US Durable Goods Orders figures headline the economic calendar, but the recent focus on EU debt woes hints that sentiment may get its bearing from the outcome of perennially “euro-skeptic” Finland’s vote on granting expanded powers to the EFSF bailout fund. Weekly DOE inventory data is also on tap while Fed Chairman Ben Bernanke will take to the wires.
