| From Indiatimes.com: Oil has convincingly broken the $50-barrel resistance and the contango — the premium that a far month contract quotes to the front month because traders are willing to store oil for a better price in the future — has narrowed to over 3% (at 3 pm local time) on commodity bourse MCX.
However, momentum traders — who buy and sell a commodity at predetermined levels — are hoping a situation that prevailed in December presents itself again in the event of oil failing to breach the next resistance of $55.....Full Article: Source
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