The Nov NYMEX Crude oil futures contract opened at $106.89, near the high, but closed down at $96.37, near the low ($95.04), on a couple of big factors, the first of which is imminent recession in the US.
The other is wholesale abandonment of the market by various fund managers. One Crude Oil Futures analyst said $85 million in long positions a month ago has shrunk to $8 million. But today Bloomberg reports thatoil rose as much as $2.93, or 3%, to $99.30 on expectations that Congress will take action tomorrow. Oil is $98.78 at 12:41 pm GMT.
Buy for Now
Barbara Rockefeller - Forex Trading Reports
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