Friday October 09, 2009

NYMEX crude oil prices soar above $72 on economic recovery, euro rally

online.wsj.com :

Crude oil prices soared Thursday [8 Oct 2009] as the dollar headed toward a 2009 low against the euro, both moves fueled by increasing optimism about the world economy. NYMEX light, sweet crude for Nov 2009 delivery reached $72.55 per barrel intraday, the highest since 18 Sep 2009. Oil prices shot up to a 3-week high as investors sold out of the dollar and into assets expected to benefit from an economic recovery, including equities and commodities, while the EUR/USD forex exchange rate hit $1.4818. In the short term, oil prices may not yet crack the 2009 intraday high of $75 set in August, with oil inventories still above average levels.

- That's right, $75 continues to be the all-important resistance level for now. The consolidation pattern of +/- $70 might have a few more weeks to run yet, as the bullish factors of money supply, EUR/USD, Iran-Israel work against the bearish factors of oil inventory levels, economic fundamentals and the credit crisis, still ongoing. And of course, few people outside the peakoiler community still continue to acknowledge Peak Oil - the proverbial 800-pound gorilla in the living room - a critical factor that is biding its time to roar back with a vengeance.

See also :

1. NYMEX crude oil prices hit $75 resistance level
2. NYMEX crude oil prices fall under $70 after China stock plunge
3. NYMEX crude oil prices fall to $65 on home sales drop, economic recovery doubts
4. NYMEX crude oil prices rise sharply back to $70 on economic recovery signs

(2009-10-09 09:00:50 SGT) [Energy] Permalink

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