Oil Flirts with $100

Below we highlight our trading range charts of 9 major commodities. Oil prices are up today after the assassination of former Pakistani Prime Minister Benazir Bhutto. As shown, Oil has now moved back to the top of its trading range and is in overbought territory at $97.25. The ever important $100 level is back in play for the time being, and it seems to be putting pressure on equity markets. While Oil is rising, Natural Gas is falling. The commodity is currently trading at the bottom of its trading range (green shading) after declining from highs reached at the start of November. Gold is also up today due to political unrest overseas. Much like Oil, Gold is trading right at the top of its historical trading range. Platinum is even more overbought than Gold, while Silver is trading in the middle of its trading range. Coffee recently nudged against overbought territory before pulling back slightly, and Corn has skyrocketed in recent weeks.