Mon, 24 Sep 2012 00:00:00 +0200
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.
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard
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