Oil prices were resilient yesterday but WTI got the better of Brent and you can see that the differential is down to just over three bucks.
This is partly because the inventory stats tonight are expected to show another draw and partly as the contract expires today leaving the existing contract trading on thin volume. Brent was also quite strong, traders report that three times during the day it fell below the crucial $107 level and each time it rallied.
Most important though was the news that I had been waiting for and expecting, the figures report that by the end of last week the amount of speculative money in oil had fallen dramatically, proving that these punters, as I reported, sold out of the market right at the bottom having got in right at the top…
This is partly because the inventory stats tonight are expected to show another draw and partly as the contract expires today leaving the existing contract trading on thin volume. Brent was also quite strong, traders report that three times during the day it fell below the crucial $107 level and each time it rallied.
Most important though was the news that I had been waiting for and expecting, the figures report that by the end of last week the amount of speculative money in oil had fallen dramatically, proving that these punters, as I reported, sold out of the market right at the bottom having got in right at the top…
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