By Money Matters Editors
It didn’t take much to reverse the trend in oil prices.
One weekend after crude slide below $70 amid renewed talk of a glut of supply, oil reversed and raced ahead $3.08 to close at $71.08 per barrel Tuesday.
Tuesday’s culprit? The weaker dollar and the belief that OPEC, which meets this week in Vienna, will maintain current oil production quotas.
Institutional investors view current production quotas as bullish for oil, as they have already discounted rising demand on the U.S./global economic recoveries, and rising demand amid unchanged production sends oil in a vertical direction.
Showing posts with label oil OPEC oil prices institutional investors NYMEX futures dollar euro OPEC. Show all posts
Showing posts with label oil OPEC oil prices institutional investors NYMEX futures dollar euro OPEC. Show all posts
Tuesday, September 8, 2009
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