Crude oil pulls back in European session in tandem with drops in stock markets. Slightly worse-than-expected consumer sentiment in the Eurozone drove investors away from higher-yield assets. Currently trading at 77.6, the…
Tag: crude oil
Oil Price Rises Above 80 on Better Macro Outlook but Fundamentals will Play a Key Role in 2010
WTI crude oil extends the 8th day of rally above 80 on speculations for growth in energy demand as US weather remains below-normal. The February contract surged to as high as 81.16,…
Gold and Oil Fall Sharply as Dubai Debt Fear Drives Investors Out of Risks
Commodities drop sharply around the world as markets sentiments are deeply pressured by risk of contagion effect from Dubai debt payment delay request which could trigger second wave in the credit crisis….
Sri Lanka as the Third Central Bank to Buy from IMF This Month, Gold Shines
Comex Gold advanced to as high as 1195 in Asian session after Sri Lanka purchased 10 metric tons of the IMF’s planned gold sales. According to the press release from the central…
Gold to Rally to 1200 as India May Buy More from IMF
Gold extends strength after consolidation after news said that Indian central bank may buy more gold. The December contract for the yellow metal rallies to 1180 and looks to march to 1200….
Industry Estimates Showed Huge Decline in Crude Inventory
Crude oil price climbed higher yesterday after the American Petroleum Institute reported huge decline in crude inventory last week. The benchmark contract added +0.3% to close 79.14. In Asian session today, price…
Crude Breaks Above 80 Again As Investors Speculate Pleasant Surprise from Energy Department
Crude oil rises above 80 (intra-day high: 80.23) in European morning. Investors are awaiting the EIA’s inventory report. As the market anticipates modest build in crude oil inventory, a surprising draw could…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s rally extends further today and the break of 73.16 resistance indicates that fall from 75.0 has completed at 65.05 already. The corrective three wave structure in…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil edged higher to 72.55 but upside momentum remains unconvincing. Nevertheless, another rise is still mildly in favor with 68.16 support intact. Break of 73.16 will indicate…
Dollar’s Rebound Won’t Sustain as No Rate Hike from Fed Soon
Crude oil trades narrowly in European morning. As USD rebounds after Fed Chairman Ben Bernanke’s speech about policy tightening, commodities pare gains. In the energy complex, WTI crude oil pulls back to…