Crude oil risks falling toward $71.50 a barrel if prices are unable to surpass a “strengthening level” near $75 in the coming days, according to Societe Generale. Oil has the potential to rise as high as $78 a barrel only if it can push past a $74.65 to $75.25 band, said Stephanie Aymes, a London based commodity technical analyst for the bank. A failure to break this resistance may trigger the unwinding of gains made over the past week. Prices will “further rise but mind $74.65/$75.25,” she said in a report yesterday. “Under $71.50 the correction resumes.” Oil climbed to a 10 month high above $74 a barrel yesterday on speculation the global economy is recovering from recession.....Complete Story
