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Commodity Daily News
Will Oil Resume Its Rising Trend?
Friday, 25 Jul 2008
Oil prices were stable during yesterday's trading session, as Oil closed at over $125 a barrel, a little change after falling to its lowest level in seven weeks in previous session. Oil has dropped close to $22 from the record 147.27 reached in July 11.
Traders started to acquire futures after oil dropped more than $3.50 a barrel on July 23. U.S. crude supplies declined in eight of the past 10 weeks as refiners delayed buying because of high prices and falling fuel demand. Traders should follow developments from around the world regarding supply concerns, and watch carefully after USD movements as they have a decisive effect on Oil prices.
