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Commodity Daily News
Crude Settles in $6 Price Range
Friday, 4 Nov 2011
Spot crude oil prices seem content to maintain the current trading range as markets look for some type of catalyst to emerge. Crude oil prices have been trading between $89-$95.Yesterday's ECB rate cut was not the event crude oil bulls were looking for as ECB President Mario Draghi suggested the euro zone could slip into recession. The Fed also lowered market sentiment with its downgrade of the US economic forecasts. Perhaps today's NFP jobs report will be the catalyst crude oil bulls are looking for?
