The Sept NYMEX crude oil contract failed to make a new low, only $112 after $111.34 on Friday, and also made a higher high ($115.35 after $115.20 on Friday) but what counts in the close. Oil closed down at $112.87 from $113.77 on Friday. Overnight it fell as far as $111.64 and it’s trading at $112.24 at 12:08 pm GMT. It needs to break the May 1 low at $110.30.
It now appears that Tropical Storm Fay will by-pass oil production facilities but could cause major damage in Florida, which can’t get a break.
Global warming, anyone?
Bye for Now
Barbara Rockefeller
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