Crude Oil Up And Down Like A Brides Nightie
Sixty dollars a barrel is appearing to be a pivotal point for crude oil. The December future has dipped below this level the last two sessions, before bouncing back to close higher.
Last night New York Mercantile Exchange December crude oil settled at $62.41 a barrel, up $1.37 on the day, having earlier hit an intraday low of $59.10, its lowest level since Jan 2007.
This morning crude currently stands at $60.63/barrel.
It seems like a break and hold below $60 will send prices scurrying into the $50-55 range. If crude can manage to hold above $60, then a return towards and above $70 could be on the cards.
I'll put my money on the former.
Last night New York Mercantile Exchange December crude oil settled at $62.41 a barrel, up $1.37 on the day, having earlier hit an intraday low of $59.10, its lowest level since Jan 2007.
This morning crude currently stands at $60.63/barrel.
It seems like a break and hold below $60 will send prices scurrying into the $50-55 range. If crude can manage to hold above $60, then a return towards and above $70 could be on the cards.
I'll put my money on the former.