Good U.S. economic indicators and geopolitical risks still present, have led a significant rebound in the price of WTI, which returned close to $ 100 in November 2011.

Since this recovery, WTI prices marked a relatively long pause, characterized by low volatility and a situation of calm, reflecting the indecision ofinvestors.

This climate of indeterminacy is reinforced by geopolitical tensions which persist in Liberia and Iran and by economic expectations and publications which remain uncertain. For example, if the WTI prices were able to show an upward trend last week, brought by relatively good indicators from China, they subsequently dropped in New York, investors reacting to the publication of rising US crude stocks larger than expected.

The price of WTI will therefore continue to remain confronted with economic forecasts, geopolitical risks and naturally weekly US crude stocks.

Technically, the situation remains neutral in both daily data and weekly data. The lack of volatilityhas led investors to establish a clear graphical relatively narrow range between 95 and 105 dollars. We will wait for the exit of this zone of congestion to take upward or downward positions in order to benefit from any increase in volatility.