Archive | November, 2010

Crude Jumps Following Non-Farm Data

Crude Jumps Following Non-Farm Data

Friday’s US Non-Farm data gave crude oil a significant boost to close out the week. Crude saw a 125 pip spike on Friday afternoon, and closed out the week trading close to $87.50 a barrel. Analysts attributed the gains to the better than expected employment data, but cautioned that as long as the dollar maintains […] [...more]

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Crude Oil Digests Recent Gains Near 25-Month Highs

Crude Oil Digests Recent Gains Near 25-Month Highs

Crude Oil (WTI) – $86.92 // $0.07 // 0.08% Commentary: Crude oil is close to unchanged as prices consolidate following five straight days of gains last week. After rising 6.7% last week, prices hit a new 25-month high in overnight trade, but so far crude has been unable to decisively break the May highs near […] [...more]

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Crude Oil Hits New 6-Month Highs on Bullish Inventory Report

Crude Oil Hits New 6-Month Highs on Bullish Inventory Report

Crude Oil (WTI) – $85.26 // $0.57 // 0.67% Commentary: Crude oil decisively broke out of a recent congestion range to hit new six-month highs after a bullish inventory report and decisive action from the Federal Reserve. Prices rose $0.79, or 0.94%, to settle at $84.69. As we have stated numerous times in our daily […] [...more]

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Crude Oil Rises above $83 a Barrel

Crude Oil Rises above $83 a Barrel

Crude oil prices ended nearly 2% higher on Monday, boosted by comments from the Saudi Arabian oil minister that an oil price between $70 and $90 a barrel was comfortable for consumers. Countries in the OPEC oil-producing cartel, including Saudi Arabia, Nigeria, Venezuela and Iran, have the power to restrict output and push up prices […] [...more]

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Crude Oil Seesaws Higher but Remains Trapped in Congestion

Crude Oil Seesaws Higher but Remains Trapped in Congestion

Crude Oil (WTI) – $83.39 // $0.44 // 0.53% Commentary: Monday was a nice up day for crude oil, with the commodity rising $1.52, or 1.87%, despite fairly flat performance from U.S. equity markets. That being said, both crude and equity markets are in tight congestion bands, with neither making any substantial progress one way […] [...more]

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Oil Prices Appear to be Consolidating Near $81.50

Oil Prices Appear to be Consolidating Near $81.50

Despite the rumblings taking place throughout the forex market this morning, the price of Crude Oil appears little touched. Crude Oil has been experiencing a price consolidation trend towards the level of $81.50 a barrel. The trend appears to have become clearer over the last few trading days as the commodity has continued to trade […] [...more]

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Crude Oil Rises as China Manufacturing PMI Surprises

Crude Oil Rises as China Manufacturing PMI Surprises

Crude Oil (WTI) – $81.82 // $0.39 // 0.48% Commentary: Crude oil prices are higher in overnight trade as the commodity gets a boost from strong manufacturing figures from China and a general increase in risk appetite ahead of this week’s much-anticipated Federal Reserve meeting on November 3rd. While financial market commentators remain obsessed about […] [...more]

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