Oil Drops From One-Week High in New York on Europe Debt Concern
Oil fell from the highest level in almost a week as concern that European debt-crisis talks will falter and threaten the economic recovery outweighed concern tension in the Middle East will disrupt crude supplies. New York futures slid as much as 1.2 % after Chancellor Angela Merkel and President Francois Hollande clashed over the weekend on a timetable for starting joint oversight of the Europe’s banking sector.
***Bulls Keep Buying Crude as Futures Prices Slide: Energy Markets
Hedge funds increased bullish oil bets for a fifth straight week, ignoring falling prices, on speculation that the Federal Reserve’s latest round of economic stimulus will boost hiring and bolster demand. Money managers added to net-long positions, or wagers on rising prices, by 5.6 % in the seven days ended Sept.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
Copyright Live Trading News All rights reserved.