Oil up 4% on week after dollar slide, belated response.....Great day for Oil had I been trading I would have reposted the change of events after UAE story wasnt a fact if it was true Oil would be at $65 but the US is an animal in itself and some moves are questionable but having the day ending like this is excellent but be cautious next week could put downward pressure on Oil with FED Testimony and every day seems to have something else and this article covers most all. Today the US gave us a $1.50 move that I wanted to see but I was shocked that $80 wasn't hit after being within pennies. Leaving the week green can ask for more.
“Prices have fluctuated in a range for months now and the current price sits more-or-less in the middle of that range. While traders are becoming more optimistic about the Chinese recovery, the risks to the global economy may be increasing as interest rate expectations have risen,” said Erlam.
“The range does appear to be gradually tightening but remains quite large and there appears little appetite for a breakout at this moment in time.”
Downside risks could escalate again in the coming week when the Labor Department releases the U.S. report for February. The so-called NFP report is expected to show a slower jobs growth of 200,000 for last month after the blowout 517,000 in January.
Oil up 4% on week after dollar slide, belated response to U.S. exports By Investing.com