Oil trends higher

摘要

Physical crude benchmark Dated Brent traded in a relatively tight band in July, but with a clear upward bias. It started the month at $72.08 a barrel and had traded up to $78.245/b by July 26. In the context of the last twelve months, neither level represents exceptional highs or lows; Dated Brent had traded within a wide band in this period of $64.31-$86.31/b.rnThe upward trend can be attributed to positive economic news, and thus renewed confidence in the recovery, following a period in May when the aftershocks of the financial crisis started to look as if they would start a new downward spiral.