• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 4 hours WTI @ 67.50, charts show $62.50 next
  • 3 hours Mike Shellman's musings on "Cartoon of the Week"
  • 5 mins Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 3 hours Venezuela set to raise gasoline prices to international levels.
  • 8 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 10 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 3 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 3 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 9 hours Corporations Are Buying More Renewables Than Ever
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day California Solar Mandate Based on False Facts
  • 14 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 14 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
Alt Text

World Bank To Cut Off Oil & Gas Funding

In accordance with the Paris…

Alt Text

Trump’s Tariffs Lead To Selloff In Oil Markets

The announcement of the Trump…

Alt Text

Yieldcos Are Back And Better Than Ever

Yieldcos have had a rocky…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 6th September 2013

October Crude Oil futures traded slightly lower on Thursday because of a stronger dollar, but bearish traders were unable to break the market because of concerns over an impending invasion of Syria by the U.S.

Friendly ADP private sector jobs data along with better than expected weekly jobless claims helped drive interest rates higher, making the U.S. Dollar a more attractive investment.

Crude oil prices fell since the market is dollar-denominated. Later in the session, a stronger than expected ISM Services PMI report sent the dollar even higher, but crude oil traders did not sell. This was further proof that investors were more concerned over a military intervention against Syria’s government rather than supply/demand issues at this time.

Although the market remained lower for the session, investors continue to push the market away from the low of the day shortly after the government announced a decline in crude oil supplies last week. According to the Energy Department’s Energy Information Administration, crude oil supplies dropped by 1.8 million barrels to 360.2 million barrels.

Although this number was above year-ago levels, speculators supported the market because of the possibility of military action against Syria late next week.

Technically, the market is bumping up against a major retracement zone at $108.23 to $109.27. This graphically represents a balanced market. A sustained move above this zone will mean speculators…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News