The Energy Market Recap: 10 October 2011
Nov Crude Oil traded sharply higher on the session, reaching its best level since September 21st, helped by a fall in the USD and a rally in Global equity markets.
It looked like a positive response from Sunday's meeting between French and German leaders to deal with the European debt crisis went a long way to boost risk appetites.
Some traders pointed to a possible rebound in US economic growth as another factor supporting demand for Crude Oil.
A sharp sell off in the USD, down to its lowest level since September 21st, is also seen as a factor inspiring a risk-on attitude.
It is also possible that the Crude Oil market drafted support on reports that a union strike in Kuwait shut down Oil tanker traffic into local ports.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.