Crude Oil Still Holds 60 US$ Price Level

The Crude Oil  CLc1 future contract is still showing strength as oil is holding the 60 US$/barrel price area. As we commented before, the bullish consolidation box ( watch CLc1 daily chart) is perfectly working as a support for the current secondary break-out, which is still in progress. Volume is not totally committed, but the end of the year is probably the reason.

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This very bullish crude oil scenario is totally aligned with a very weak dollar, which is definitely supporting the referred oil up-move. You can note the referred dollar weakness at the DXc1 dollar future chart (shown below), which is now showing prices challenging the 91.50-91.0 area. We need to watch a possible dollar bounce as a potential crude oil bearish factor, as DXc1 is currently visiting that strong support area.

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