Oil confirmed breakout: expect heavy increase in oil prices 7-11-2013

Crude and NYMEX Oil broke out of its 1 yr resistance and rallied 8% after the breakout (98 to 106).

Our USDPHP=x is unchanged at 43.xx making imports cost more, so expect the 8% rally to be passed on to consumers.

Expect Diesel and Gasoline prices to increase again by 1.50 to 2.50 pesos in the next days/weeks.

Resistances of Crude Oil:
106 then 110.50 and 114.0