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O’Hare: The bullish run in oil

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Steve O’Hare from First 4 Trading expects to see oil prices move higher after three consecutive days of positive gains. Last week oil prices hit a new yearly high just below USD 55.00 before a corrective move lower.

The bullish run in oil prices stumbled after China’s CPI hit a five year low. Concern over slowing demand in the world’s second largest economy was however mitigated by a forecast from OPEC predicting greater demand for oil. The OPEC report suggests demand for oil will increase to 29.2 million barrels per day, with the US expected to be the world’s largest source of oil production growth.

Steve is looking to set longs at current levels and at USD 52.00. He is targeting a move to the 161.8 percent extension level around USD 58-58.50 and USD 60. A stop can be placed at USD 50.

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