Oil jumps nearly $1 for no particular fundamental reason

Technical Analysis

Author: Adam Button | oil

This one looks to be all about technicals

I've scoured the world for any kind of fundamental reason for the quick $1 move in crude oil in the last 30 minutes but if there's something out there, I can't find it. It's up to $62.33 from $61.34 a short time ago.

Instead, a look at the chart shows a break of a trendline that's been repeatedly tested in the past couple weeks.

For a purely technical move, that's a big one. it's even pulled down USD/CAD a few pips.