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June 13, 2014
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davefairtex
By davefairtex on Fri, Jun 13, 2014 - 3:25am

international market commentary 2014-06-12

Market Moving News

Oil broke above 105 at 0345 EDT, and climbed +2.26% on heavy volume.  Oil prices have been climbing because of several factors: problems in Iraq and Libya, as well as China buying extra oil to top up their strategic petroleum reserves.  Most likely the recent capture of Mosul by Sunni elements in Iraq (and the widespread defections of Baghdad-controlled military units) just pushed oil right up over the edge of the chart pattern it was already looking to break out of.

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