The Energy Space
Energy Price Outlook
Oil prices are likely to hold within their relatively sideways direction in the near-term, as support from a weaker dollar is countered by uncertainty over the fiscal cliff. WTI had a nice bounce early in the session yesterday but fell back to close near the day's low. Today's trade will continue its focus on negative factors such as the lack of progress in fiscal cliff negotiations, recent signs of weakening economic data, and the potential that oil inventories remain elevated compared to their five-year average. The upside will focus mainly on the inability of WTI to break below the two-month consolidation bottom at $84.05, the potential of the Chinese economy to recover, and on the debt deal struck with Greece last week....1870 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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