Crude Oil Range Trades to Close Out Week

Despite modest risk taking in the marketplace on Friday, crude oil failed to make any significant gains and spent most of the day range trading. After the commodity advanced slightly more than $0.70 a barrel, to trade as high as $93.81, during the mid day session, a downward correction brought prices down to $93.06. This week, oil is likely to have several opportunities to recoup some of last week's losses, as a batch of important US economic indicators is scheduled to be released. Traders should note that if any of the news comes in above the forecasted levels, investors could take it as a sign that demand for oil in the US could go up, which may result in an increase in prices.

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