| As we come towards the end of another trading month, crude oil price remains firmly range-bound as OPEC’s policy of taking on the alternative energy suppliers in a price war continues.
Judging by its recent statements, OPEC is clearly intent on taking the long view to squeeze these companies out of business, and as the rhetoric and oversupply builds, oil prices are likely to continue to remain waterlogged, with intraday movements more likely to be driven either by the US dollar or local fundamentals in the short term. Even the recent transition on the weekly oil inventories from a build to a draw has failed to provide any meaningful momentum for the commodity...............................................Full Article: Source
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