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Once again it looks very much like the worries over European stability, specifically Ukraine, are the driving forces behind Crude oil’s move as it pulls back from the $110.35 intra-day highs of yesterday.
Today sees foreign ministers from Russia and Ukraine, along with the US and the European Union, hold peace talks in Geneva in an effort to avoid further bloodshed and restore piece to Ukraine. These are the first constructive talks since Russian troops moved into Crimea where all parties have sat around the same table in an effort to thrash out their disagreements.
Since my article on Tuesday we have seen the Brent crude price climb to a high of $110.35, but ultimately end up closing below the $110 level. Closing above the early March high still remains the oil’s initial target, but, looking at the current relative strength index as it is moving into overbought territory, it might not be able to achieve this at its first attempt. Ultimately, though, it will look to close above the $112 late December-high from last year.