The Oct NYMEX crude oil contract rose dramatically to $122 and closed at $121.18, over the red 20-day moving average on our chart and over the downsloping channel. However, it fell back overnight in electronic trading (for the first decline in 4 days) after Turkey announced the Baku pipeline is back on line—and the US dollar recovered.
Crude oil for Oct delivery fell as much as 98¢ to $120.20 and was up only a little to $120.44 at 10:36 am GMT. Bloomberg says “the contract is set for a weekly gain of 5.9%.”
Where does that leave us?
Nobody knows.
Bye For Now
Barbara Rockefeller
Buy Euros before Ireland Defaults?
-
The IMF may well be running Ireland by February, ifthe Irish budget "fails
to convince the financial markets," warns economist Colm McCarthy in an Irish
In...
14 years ago
No comments:
Post a Comment