Crude oil prices touched a fresh 3-month high early this week as the US$ depreciated and markets anticipating decline in US crude oil inventories. The markets almost shrugged off downbeat economic data showing that US consumer spending and incomes were flat in June, which pulled equities lower. However, poor jobs report weighed down oil prices by the end of the week. The markets were also paying attention to the developments in the Middle East including Israel’s border clash with Lebanon and Iran’s dispute with the West over Tehran’s nuclear programme.

CRUDE AUGUST :TREND UP
RESISTANCE 2 3725 RESISTANCE 1 3685 
SUPPORT 1 3575 SUPPORT 2 3480 
STRATEGY Buy on dips