Oil Surges Most in More Than a Year on European Agreement – Bloomberg 06-29-12

Salient to Investors:

Mike Wittner said we’re seeing a massive return of risk appetite as the market was impressed by what the Europeans accomplished and there’s a feeling that the worst may be over.

Sarah Emerson at Energy Security Analysis said the euro move will give oil a lot of support.


Rich Ilczyszyn at Iitrader.com said technical analysis predicts prices may rebound to as high as $90 a barrel if they hold above support near $75.

16 of 42 analysts surveyed by Bloomberg forecast oil will rise through July 6, 14 predict a decline, and 12 see little change.

Michael Lynch at Strategic Energy & Economic Research said the European surprise and U.S. business activity are positive signs for the economy.

Jason Schenker at Prestige Economics expects the saber-rattling set off by Iran to intensify with the imposition of the embargo over the weekend.

Read the full article at http://www.bloomberg.com/news/2012-06-29/oil-rises-from-nine-month-low-on-european-relief-package.html