OIl is moving higher on positive US employment and housing data. FOMC minutes and more housing data could contnue to impact this trade in the next week along with possible Ukraine actions and increasing Libyan supply hopes.
OIl surged last week on rising supply due to tensions in the Ukraine and Libya, This week Ukraine at least will come out of the market and help to relieve some of the upward movement in oil.
oil prices are gaining steam on the spreading nature of the Iraq offensive. Hard to say whats going to happen, I'm trading the technicals but keeping expiry short at 3 days.