The Oct NYMEX crude oil futures contract opened higher at $92.81 and closed near the high at $97.16. Currency Analysts are back to naming that old saw, “oil rose because the US dollar fell” (and Foreign Exchange types selling US dollars fell because oil went up). This circular stuff is maddening and destructive. We had hoped it was broken by deleveraging, causing the exodus of some players and increased carefulness by others under the watchful eye of Congress, if not the CFTC.
But alas, no.
Overnight, Nymex Crude oil Futures rose to $98.57 at the high and Oil Trading at $98.16 at 11:00 am GMT.
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...
13 years ago
No comments:
Post a Comment