The Energy Report for Monday

By Phil Flynn
03 August 2009 @ 09:20 am EDT

Oil prices defy supply and go on a technical buying binge. Inspired by a weakening dollar and hopes that China will keep supporting all commodities, the bulls have no fear of ample supply. Oh sure oil prices actually fell in the month of July but the way the market rebounded it sure did not feel like it.In recent days, oilhas rallied on signs of recovery. It has rallied as the cash for clunkers program has run out of money. Maybe it is bullish if the clunkers are on the road. But it has really rallied in wild fashion indicating that a major oil move is about to get under way.

IBTimes Commodity Commentaries

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