Following a rally from 104.65s, the market pulled back midweek, encountering a buy response at/near 105.20s, confirming the Structural Buying Tail. The market auctioned higher, driving price to new highs, achieving a Stopping Point at/near 108.90s, encountering a sell response, creating a Structural Selling Tail, 108.90s-108s, closing at/near 107.90s.
Graphics
Central Banks
- ECB Eases Collateral Rules. (Zerohedge)
- Fed Rethinking Move Allowing Banks To Trade Physical Commodities. (Reuters)
- China Frees Up Lending Rates In Major Reform. (Reuters)
Geopolitics
- China's Use Of Soft Power In Regional & Global Relations. (Sharnoff's Global Views)
- Currency & Oil Rates Targeted For Tougher Rules, Post LIBOR Scandal. (Bloomberg)
Supply/Demand & Markets
- Oil Market Report For July. (IEA)