Crude Oil at 1-Year High
October 22nd, 2009 Posted in Chief Analyst Special Report, Crude Oil
Name: Greg Holden
Email:
Crude Oil finally reached its 1-year high mark yesterday with a closing price just over $81 a barrel. With little bearish news emerging from US inventory data yesterday, traders reattached themselves to the USD and equities, while buying into commodities as the dollar continues its decline.
Some analysts now warn that the price of Crude Oil may have moved too much too fast after breaking out of its previous range of $65-75 per barrel. After a quick spike to almost $82, it pared some of these gains with a mild correction. As the greenback continues to fall we will likely see a continuation in the strengthening of commodities such as Crude Oil, Gold and Silver.
Start trading with Greg Holden now:
Tags: 1-year high price, Commodities, crude, Crude Oil forecast, crude oil futures, Crude Oil price, Crude Oil trading, Forex, forex blog, Forex Trading, nymex, oil, oil futures, oil price
