Crude Up On Bargain-Hunting; Sentiment Weak
Posted on 08 February 2010 by admin
Crude oil Monday stayed above $71 as bargain-hunters swooped in, but sentiment remained bearish due to pressure from a U.S. dollar rally and weak supply-demand fundamentals.
New York Mercantile Exchange light, sweet crude futures for delivery in March traded at $71.38 a barrel at 0625 GMT, up 19 cents in the Globex electronic session. March Brent crude on London’s ICE Futures exchange rose 34 cents to $69.93 a barrel.
“Crude looks a little oversold and it’s moved pretty quickly, so I think there’s a bit of bottom fishing here,” said Mark Pervan, head commodities strategist at ANZ Global Markets…
I think the Oil prices are going to keep going down. The USD is on the rise…