Oil spike likely due to contract expiration today, traders are
going long and forcing short covering as contract closes out today.
That from CNBC, but it makes some sense. Probably turn back down
tomorrow if that's true. Oil stocks via (XLE) not buying it much,
but DOW down 250 is probably dragging them down....
No doubt the weak dollar is a partial factor in oil rise
seems USO may be a good short overnight with Nov contract
trading almost $10 lower.
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Oil spike likely due to
Posted by trade on 22nd of Sep 2008 at 02:17 pm
Oil spike likely due to contract expiration today, traders are going long and forcing short covering as contract closes out today. That from CNBC, but it makes some sense. Probably turn back down tomorrow if that's true. Oil stocks via (XLE) not buying it much, but DOW down 250 is probably dragging them down....
No doubt the weak dollar is a partial factor in oil rise
seems USO may be a good short overnight with Nov contract trading almost $10 lower.