Wednesday, November 16, 2011

Oil waves at $100 as it passes on towards $102 a barrel

Although last night may have been 'all quiet on the Western front', oil has moved under the cover of night to shoot past $100 a barrel to hold steady at $101.59 on Wednesday morning.  Added to this, the dollar has gained .20 to regain the 78 level on the dollar index.

Gold and other commodities have fallen today on dollar strength, but one has to be very surprised at oil's move, especially when a report yesterday stated that the US had ample supply for November.

Crude-oil supplies unexpectedly climbed by 1.3 million barrels for the week ended Nov. 11, the American Petroleum Institute reported late Tuesday. - Marketwatch

One has to guess that oil may be in play if it is moving with the dollar, and against gold and other commodities.  The same can be said for Brent Crude, which has shot up several dollars in recent days as well.


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