Russian oil minister Novak speaking
Crude oil is trading up $0.68 in trading today. In other oil related news, Saudi Arabia said it would make deep export cuts in August, and encourage better compliance with supply reductions.
More specifically, they said they would limit exports to 6.6 million barrels in August. That represents a cut of 1M from last years exports.
Technically, the contract is pushing above the 100 hour MA at $46.27 today, but remains below the 200 hour MA at $46.52. A move back above both those MAs will help push the bias more to the upside (more bullish).
For more discussion on crude oil, see the post from the weekend and from Mike earlier today (click here)
