WEEKLY FORECAST FOR LIGHT SWEET CRUDE OIL: MARCH 10-14, 2014

During this week, Light Sweet Crude oil got to the maximum of many months – $105/barrel.

Oil growth was caused by the escalation between Russia and Ukraine, and possible sanctions against Russia by western countries.

Let us remind that Russia is 3rd largest producer of oil in the world after Saudi Arabia and the USA. Approximately 30% of the oil and gas consumed by European countries comes from Russia.

However, on Tuesday, Russian president, Vladimir Putin, gave a command to end military maneuvers and return to the permanent bases, which allowed to cool down the escalation and led to correction of the rates on the oil market.

Oil?s price was decreasing to $100/barrel. This level became a support level, and we can now witness a roll back.
The nearest resistance level is located at $102.70. If this level is breached, then price can get to $104.00, $105.60 and $107.40.



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Statistics, related to the stock of oil and oil derivatives, was negative.

According to EIA, oilstock grew by 1.429 million barrels, which is worse than experts? forecast that expected growth by 1.333 million barrels.

Experts were most of all disappointed by the stock of distillates, which grew by 1.414 million barrels, while a decrease by 1.217 million barrels was expected.

Gas stock decreased to 1.604 barrels, while the forecast expected a decrease by 1.183 million.

The end of the heating season in the USA will affect WTI quotations negatively.

The nearest support level is located at $101.5. If this level is breached, then bears can get to $100.80, $100.00 and $99.00.

This information is an analytical review of Capital and FX markets. The material presented, and the information contained, is investment research and should in no way be considered as the provision of investment advice for the purposes of Investment Firms Law 144(I)/2007 of the Republic of Cyprus, or any other form of personal advice, which relates to certain types of transactions, with certain types of financial instruments.

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