Friday's price action in crude could be described as nothing short of nerve wrecking. Crude moved up in early trading supported by further weakness in the US currency which hit another fresh low for the year against the euro. The rally was also supported by latest economic news from China, the world's second biggest consumer showing that industrial production rose above expectations. However, a late recovery in the greenback was largely the trigger for a violent sell off in crude which lost in excess of 3%. Along with profit taking ahead of week end one speculation mentioned by analysts was a possible shift in focus towards near term demand for oil which remains weak.
|ICE BRENT CRUDE - OCT 09|
|ICE WII - OCT 09|
|GASOIL - OCT 09|
Risk Warning: Spread betting and Contracts For Differences (CFDs) carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Only speculate with money you can afford to lose. Please ensure you fully understand the risks involved and seek independent advice if necessary. Any information provided does not constitute the giving of investment advice. ODL Markets is a trading name of ODL Securities Limited, 8th Floor, 10 Lower Thames Street, London EC3R 6AD which is authorised and regulated by the Financial Services Authority.