BULLS MAKE MONEY ON OIL

WTI Crude Oil is steadily over 100$ and stays there since beginning of May. We started to buy at 92$ in January and closed our potions on the way up to 107$. This is the highest price since July 2013. Thursday continued the gains and headed for a second weekly gain.

The oil has a Ph.D. in International Realtionship & Politics, always reacts so sensitively on geopolitical turbulances like it was in March the Russian invasion in Krim Peninsula and in June, the Iraq military clashes.

Yesterday Nymex oil futures settled higher again and extending gains in the late trading session after President Barack Obama said the U.S. would send military advisers to Iraq, but that forces would not return to combat. The oil loves the military activity close to the oil fields, mostly in Middle East and Nigeria.

All in all I doubt that this great bullish rally from 92$ within couple of month is only because the geopolitical fears. I guess the world economy is doing better which creates bigger energy demand and with the supply concern that is a good combination to the bullish momentum. Our target was stated in May was 110$ we are so close that level and we still keep our bet. 

Technically just last week broke out from the flag pattern the WTI Oil.

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The BFM Assets Team.