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Commodity Daily News
Averted Refinery Strike Does Little to Lift Crude Oil
Tuesday, 3 Feb 2009
Crude Oil fell for the 4th consecutive day as the likelihood of a strike by U.S. refinery workers dissipated. Crude finished the day down more than 2% to close at $40.51. On Sunday, Oil refinery owners and workers appeared closer to a deal that would avert a strike.
Events such as these offer short-term traders the ability to profit from limited interruptions in the steady decline of the price of Crude Oil. Eventually the price of Crude will climb, but only when the market feels a bottom is approaching. Crude traders may not find any support tomorrow when U.S. Crude Oil Inventories are due to be released. We may see the price drop below the $40 mark once again in the coming days.
