Upward Pressure on Oil Prices

Saturday, October 10, 2009

"Oil prices settled higher Friday as a late session rally, sparked by rebounding equities, capped a volatile trading day. Oil ended the session up 2.80 to settle at $46.47 a barrel. Earlier in the session crude had traded as low as 41.40 a barrel."
in CNN Money

All commodities traded higher today, despite the dollar strength. Th line of least resistance (as Jesse Livermore used to say) in the oil futures markets is changing from downward to upward pressure on prices. If the dollar weakens we can rebound sharply, otherwise will be choppy. The latter is the most probable outcome.

I wonder how many trillions of dollars would Jesse Livermore do in these markets...

Trading oil futures is a very risky business. Be sure to risk only capital you can afford to lose. And off course, look for the lowest comissions.


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