Oil Demand at a 10 Year Low

Monday, October 12, 2009

Crude futures ended higher Wednesday, supported by equities even as a U.S. government report showed oil demand sinking and inventories increasing.

U.S. crude stockpiles, which were already at their highest point since September 1990, grew for a seventh consecutive week, as oil demand fell to a 10-year low, the U.S. Energy Information Administration said.

Our opinion is that oil futures will trade in a trading range between 42 and 47 dollars.

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