Crude oil fluctuated as the dollar climbed against the euro, equities increased on higher than estimated earnings and U.S. economic data signaled the global recovery is gaining momentum. Oil traded in a $1.22 range today as the greenback rose 0.9 percent against the European currency. A falling dollar reduces the appeal of commodities as an alternative investment. Futures gained the most in more than four months yesterday as the dollar declined against the euro and equities surged.
“Today’s much the same as yesterday, we will be guided by the dollar and equities,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “We are stuck in a $1 range today and will see if there will be a breakout in either direction.” Crude oil for March delivery fell 18 cents to $76.83 a barrel at 10:53 a.m. on the New York Mercantile Exchange. Futures touched $77.82 a barrel, the highest level since Feb. 3.
The dollar traded at $1.365 per euro from $1.377 yesterday. The common currency has weakened 4.6 percent against the dollar this year, partly because of concern over the euro zone’s stability in the face of large debts in Greece and other states. “There’s been a huge rotation of assets in all of the capital markets because of worries about European debt,” said John Kilduff, a partner at Round Earth Capital, a New York based hedge fund that focuses of food and energy commodities. “Once these worries ease, prices should trade at the $80 level”....Read the entire article.
Secrets of the 52 Week High Rule
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1 comment:
I am particular trying to get into swing trading and in my opinion, one more time Oil make an attempt to break the 78 and it did it. I might be little ahead, but I am looking for a re test of the 60 and if break, the I am short. The only that makes me doubt it right now is the price of the Brent, became less expensive in relation with the WTI,
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