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Chip Hodge of Manulife Asset Management said it best “Prices should be lower because there’s no shortage of oil and we’re looking at rather anemic economic growth, we’re getting robust builds in supply.” That combined with worsen job numbers put commodity bulls at a disadvantage in Wednesdays session.
Crude oil closed lower due to profit taking on Wednesday as it.......
Crude Oil Closes Lower Despite a Surprising Decline in Supplies
Since reaching a high of just over $110 a barrel, this market has fallen back and moved sideways. We view the current action as positive longer term to drive crude oil prices up to the $120-$125 levels. A close this week over the $108.20 level should be viewed as extremely positive for this commodity.
Crude Oil, Natural Gas and Gold market Commentary For Tuesday March 13th
Crude oil [April contract] posted an inside day with a higher close on Tuesday as it extends the trading range of the past two weeks. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish hinting that a short term top might......