Cameron Hanover Daily Oil Recap (courtesy of www.fmxconnect.com)
The oil complex was mixed to higher on Monday, with crude oil and heating oil prices higher and gasoline prices lower. Crude oil prices broke Friday’s high of $87.22 with a surge up to $87.49 before the stronger dollar pressed oil traders to take profits. Crude oil settled over $87.00, but came nine cents shy of settled at $87.15, which is the number on the charts worth watching. It was a new two-year high, but prices just could not hold the day’s highs. Nonetheless, it was a strong close and if and when the dollar weakens again, we would expect to see prices able to sustain one of their next moves higher. Crude is on the doorstep of finishing over $87.15, which would be unequivocally bullish.