Oil goes up, despite USD rising

Oil prices opened the week trading with increases, despite the strengthening of the USD and the sharp falls recorded on Wall Street and other stock exchanges around the world. At the end of trading on Friday Crude Oil registered an increase of 0.6% and the price was determined on the level of USD96.77, while since the oil continues to climb and final test is the price of a barrel of oil at USD98.90 in the New York commodity exchange. Last weekend, oil still traded in the level of its short-term support at USD95.00 a barrel, and recovered quickly returning to the line USD100 a barrel as the next resistance level of Oil is at USD103.00 a barrel.


Long term weekly chart shows that since the beginning of October the black gold rose sharply when the debt crisis was worsening in the EUR area inciting traders in the forex market to support the market of goods and oil. Support oil level in the long run is far at USD75.00 dollars barrel, but the level of resistance of the dollar is delicate at USD115.00 a barrel a long way off as market analysts predict that oil prices will continue to be traded in the area of USD100 a barrel as long as no significant solution is found to the crisis in the EUR area.