06:25 PM (MSK). Crude oil is above $71...
2010-02-08 13:21 |
On Monday crude oil was above $71 a barrel as the bargain-hunters appeared, despite the bearish sentiment caused by strong dollar. After dollar had slightly decreased crude established at the level of its 200-day moving average. In the week ended Jan. 29 crude oil inventories increased, while oil products diminish because of the refinery volumes reduction.
During 2009 commodities rose in price significantly as US dollar went down. Nowadays an opposite situation provoked by the European debt crisis can be observed. In the opinion of Mike Sander of Sander Capital Advisors, if fundamentals remain bearish, crude price can fall below $70 mark.
Jim Ritterbusch, president of trading advisory Ritterbusch and Associates, also predicts consolidation of prices around $70-$71 a barrel and following decline.
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