Although down on the day overall Brent has jumped in the last few minutes on news that the Baiji refinery has been closed down due to security issues and all foreign staff have been evacuated. The installation is Iraq’s biggest and is being guarded by government forces.
Brent has been as low as 112.16 today but has moved back to 112.70.
The July 2008 resistance line up at 116.70 and the underside of the Dec 2008 support line at 118.40 mark decent technical points before a run at 120.
Brent crude monthly 17 06 2014
Closer to the action and we’ve broken above the Feb 2012 trendline and that’s going to provide support around 111.
Brent crude daily chart 17 06 2014
I banked half of my Brent and WTI shorts from higher up on Friday in case we had any major news over the weekend, and that proved a shrewd move. I’m happy to continue loading up shorts on the fear factor but the scale of events may mean it’s going to be a long drawn out affair.
WTI looks to have found it’s level for now at the top of the 2014 range and again, I’m happy to add up here.
WTI crude daily chart 17 06 2014
