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Crude Oil: Breaks above year highs

Oil prices continued to rise on expectations that the United States will begin to see falling production, while unrest in the Middle East is raising the attention of speculators and the EIA raised its forecast of global oil demand to 93.6 million barrels per day in 2015, a gain of 1.1 million barrels a day on the year.

The U.S Energy Information Administration (EIA) yesterday, released its latest survey. The report was expected to show a decrease in crude oil stocks with estimates at 4.057 million barrels but the actual was better than expected rising to 1.294 million barrels.

Yesterday crude oil price rose more than 4.0% on above average volume, breaking above the daily resistance and closing near the high of the day. The commodity is still in a recovery phase and the stochastic is showing a overbought market but still displaying bullish momentum.

LCrude is a CFD written over Light Crude futures.