The Energy Space
Energy Price Outlook
Oil prices may fall slightly in the near-term, as pressure is offered by technical factors and the lack of progress in fiscal cliff negotiations. Background pressure will come from next week's OPEC meeting where quotas are expected to be left unchanged, and from the growing amount of U.S. oil production. These could take WTI down toward the $85.00/bbl level through year-end unless a fix to the cliff is negotiated. Opposing support will come from the two-week downtrend in the dollar, and from events in the Middle East. API data were bullish for crude yesterday and bearish for products. We would trade energies as a negative affair in the near-term, and given the relatively sideways nature of the market in recent weeks, patience will continue to be required....1944 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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