by Mon, 03 May 2010 06:32:00 +0200
Oil rally fades as it returns to $86.00
FXstreet.com (Barcelona) - On Monday, oil prices initially gained but unable to sustain on highs pulled down to enter into negative daily results now. Crude indistinguishable direction comes hours after EU and IMF officials materialized an unprecedented record 110 billion Euros ($147 billion) rescue package for debt-laden Greece.
Reports in the US are suggesting the oil spilling in the Gulf of Mexico may persist for a further week, giving way to potentially reduce oil stockpiles and support oil quote rises.
Oil opened firm above $86.00 and supported by higher risk appetite, managed to jump higher topping at $86.80. Given the impossibility of surpassing the resistance area, oil slid back below opening to erase its gains and currently stay at $86.02, a 0.14% down from previous close at 86.20.
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