FXstreet.com (Barcelona) - The crude oil contract for June delivery, the most heavily traded future, recently fell below the $85 a barrel mark only to find strong support and rebound. Currently crude trades at $85.08 holding just about even on the day.
Oil futures along with other commodities benefited late Friday from the activation of the Greek bailout mechanism. What's more, strong economic signals for economic recovery point to increasing demand into the near future.
"Net speculative long positions rose to 121.5K, the highest level in 5 weeks despite oil inventory increased," writes the Oil N' Gold Team. "Traders bet stockpile will drop and price will rise in coming weeks as the driving season approaches. In the US, the driving season normally begins in end-May Memorial Day holiday and ends in early September with the Labor Day holiday."
