New Crude Contract Slides
Feb 24th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Monday, crude for April delivery arrived as front-month contract by falling off to close at $38.44/barrel, down $1.59. March reformulated gasoline dropped 2 2/3 cents, to $1.0433/gallon.
Oil traders were seen as voting no confidence in the government’s ability to shore up the banking system and get the economy rolling again.
The trading in oil has been mimicking stocks in the past few sessions, as economic concerns weighed on both markets, said Burton Schlichter, trade director at New World Trading.
Edward Meir, of MF Global (NYSE:MF), wrote that oil could trade in a broad range — between $32 and $50 a barrel — in the coming weeks. “The upside remains sticky above $50 given the dreary macro situation, while the downside will be kept in check by OPEC’s ongoing efforts to cut production,” Meir said.
Source: New Crude Contract Slides
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