Crude Oil in a Delicate Balance
Crude oil futures for June delivery on the New York Mercantile Exchange have been trading sideways in a choppy fashion on the daily chart for the past four weeks. Neither the bulls nor the bears are gaining much headway as the market languishes. This suggests that the supply-and-demand fundamentals in the crude oil market are presently in balance. Until there is a fresh fundamental development to jolt the liquid energy markets, look for more of the same price action in the coming weeks.
On Wednesday, statements from the Federal Reserve after the latest meeting of the Federal Open Market Committee and from Chairman Ben Bernanke corroborated the notion that Nymex crude oil futures prices are presently fairly balanced. The Fed's latest assessment painted a picture of a U.S. economy that is growing, though in a wobbly and less-than-robust fashion....314 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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