Oil Price Daily News Update

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Oil Price Daily News Update

Hamas Strike Electricity Deal with Egypt

Posted: 26 Feb 2012 07:11 AM PST

On 23 February the Palestinian resistance movement Hamas, which controls the Gaza Strip, announced that Hamas Gazan leader Ismail Haneya had reached a “comprehensive agreement” with Egypt to permanently end Gaza’s ongoing electricity crisis. The agreement come in the wake of a visit Haniyeh made to Egypt, which began on 20 February. Hamas spokesman Taher al Nunu said in a statement released to the media, “A comprehensive agreement has been reached with Egyptian officials to put a permanent end to the electricity crisis in the Gaza Strip. The (fuel)…

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Crude Oil Analysis for the Week of February 27, 2012

Posted: 26 Feb 2012 06:48 AM PST

Crude oil surged last week to its highest level since May 2011. The close at $109.77 represents a $13.96 gain since bottoming at $95.81 on February 2. Not only did the market breakout over a downtrending Gann angle from the $114.09 top at $108.72, but it also closed on the bullish side of a steep uptrending Gann angle from the $95.81 bottom. This angle comes in at $111.81 this week which means crude oil has to rally at least $2.05 to maintain its torrid upward pace. If April crude oil begins to flatten or if upside momentum begins to slow, then…

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