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Commodities Briefing - Categorized | Oil, Price Watch more

Reality Blows Crude Oil Price Seriously Off Course

Posted on 14 July 2014

In classic fashion market operators and manipulators gave a false signal to hopeful speculators, by nudging up oil prices on the Nymex, ICE and other oil markets, on Thursday 10th July. Then the market riggers crushed them, Friday 11th, with a 2.2% one-day crash of prices. To be sure we have to wait for Monday 15th trades to see if the new canonical oil price of $100-per-barrel can be set back in place like Humpty Dumpty, and will hold.
Chances are, it won’t. Two-percent-daily price cuts can slash oil back to where it belongs at about $80 per barrel, quite fast. Marketwatch was forced to comment, 12 July, that US WTI and ICE Brent futures dropped below $101 a barrel and $107 a barrel on Friday to mark a fourth weekly loss and their lowest close in two months………………………………………..Full Article: Source


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This post was written by:

VRS - who has written 39433 posts on Opalesque Commodities Briefing.


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