I mentioned last night that we would probably see a bounce in oil prices today as traders eye inventory data out a day later this week due to hol on Monday. Cold weather in the US last week has traders betting we will see big draws on distillates and nat gas supplies tomorrow. But we have seen this pattern over last few weeks..buying the rumour and selling the fact.. The cold weather acting as support is slowly unwinding. Wouldn't be surprised therefore to see oil come off after the reports tomorrow...
Will be interesting to see if oil can close over 60..technically this could put a new slant on things and send it higher short term
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