$100/bbl Magnetic For Crude
01/16/2012 in Oil
Traders should look for the $100 mark for the West Texas Intermediate crude contract to act as a magnet, despite the 16-month low of the EUR/USD following Standard & Poor’s decision to downgrade France‘s credit rating.
Nymex floor-trading is shut Monday for the Martin Luther King holiday.
Traders should also acknowledge any deterioration in domestic and global oil balances that would pressure WTI prices to around $95. Nymex crude for February delivery is up 17 cents at $98.87/bbl on Globex.
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