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Monday, June 27, 2011

Selling oil

I wonder if the whole oil thing is going to settle down?

Perhaps the end is in sight in Libya, although we can't be certain on that. Anyhow the price of Brent Crude has dropped to around $103-104 per barrell and I've decided to sell at 0.20 stake on Market Spreads - which effectively means I'll gain/lose €20 for every dollar fall/rise.

The International Energy Agency has announced a release of 60 million barrels from reserves so that has eased demand somewhat.

I sold Brent Crude Oil this morning at $103.49 and at the moment, I'm showing a loss of about fifteen quid. I've a stop loss in place around $112.

It will be interesting to follow this one over the next couple of weeks I reckon. 

Current open trade, plus the Brend Crude Oil weekly chart:

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