Word on the Pits

Friday, October 9, 2009

Word on the Pits:What are the Oil Traders saying?

“Commodities rise is more equity influence than anything else,” Kevin Tuohy a trader at MF Global

“It’s still too early to say whether the rebound is a dead-cat bounce or that commodities have found a base.” Kevin Tuohy a trader at MF Global

“The oil price is now on the brink of an abyss,” Tetsu Emori, Tokyo-based manager of Astmax Commodity Global Macro Fund

“Even if the cartel makes a substantial production cut, it won’t be enough to lift oil prices back up to the $60 mark if we see more drops in U.S. consumer spending.” Tetsu Emori, Tokyo-based manager of Astmax Commodity Global Macro Fund

"The possibility of OPEC moving to tighten up the oil market is real," David Moore, commodity strategist with Commonwealth Bank of Australia in Sydney.

What will move OIL in the next few days:

-Stock Markets: If stocks continue to trend higher it should help oil prices

-The Dollar: If the dollar weakens further, oil might continue its up move


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