Bank Of Baku

Barclays Capital: Oil price may go beyond $60

Barclays Capital: Oil price may go beyond $60
# 29 March 2009 14:32 (UTC +04:00)
Baku– APA-Economics. Crude oil probably will rise to $57 a barrel in New York and may reach $60 after breaking through a so-called cloud formation, according to technical analysis by Barclays Capital, Bloomberg reported.
Crude prices climbed above the “Ichimoku cloud” last week for the first time since mid-July. A break above the top line in the cloud, formed by two predictive lines in a general overview chart, is a bullish signal for analysts.
Prices have followed an “orderly stair step ascent,” moving sideways and then gaining again, after rising to $47.63 on March 16, Barclays said in a report. This is likely to continue, sending crude to $57 a barrel and “possibly an overshoot beyond that to $60.”
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