{"id":5424,"date":"2009-12-21T08:49:38","date_gmt":"2009-12-21T13:49:38","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5424"},"modified":"2009-12-21T08:49:38","modified_gmt":"2009-12-21T13:49:38","slug":"spot-crude-oil-price-range-prediction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/21\/spot-crude-oil-price-range-prediction\/","title":{"rendered":"Spot Crude Oil Price-Range Prediction"},"content":{"rendered":"

By Russell Glaser<\/strong> – Spot crude oil traders may see a week with high volatility as we head into the holidays. Driving this week\u2019s trading may be the key indicators and the previous week\u2019s news event surrounding the Iranian and Iraqi conflict over a disputed oil field. Wednesday\u2019s oil inventories may provide some spark, but the impact on the valuation of the commodity may be minute as trading desks could be thin.<\/p>\n

The price of crude oil is currently trading at $74.45. This is up from the previous week\u2019s opening price of $69.76, a jump of 6.7%.<\/p>\n

Last week\u2019s market mover which still remains an issue this week was the incursion into an Iraqi oil field by Iranian forces. The Iranians are currently holding the oil field as negotiations are ongoing.<\/p>\n

This type of an event has the ability to heat up tensions in the volatile region, driving up market prices on increasing supply concerns in the trading of spot crude oil.<\/p>\n

Another factor affecting the price of spot crude oil has been the rising dollar. Despite the dollar\u2019s appreciation last week of 2%, spot crude oil prices continued their upward climb. This runs counter to typical market behavior. Traditionally, spot crude oil prices fall with a strengthening dollar.<\/p>\n

For economic releases, traders should be looking towards Wednesday\u2019s crude oil inventories report that may impact the market on a short term basis. We may see high price fluctuations, but don\u2019t expect the result to carry much long term weight.<\/p>\n

Liquidity may be thin as we approach the holidays as many trading desks will be manned with skeleton staffs. As such, we could experience the price of spot crude oil to fluctuate this week between $75.50-$72.00.<\/p>\n

Forex Market Analysis<\/strong><\/em> provided by\u00a0Forex Yard.<\/strong><\/a><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Russell Glaser – Spot crude oil traders may see a week with high volatility as we head into the holidays. Driving this week\u2019s trading may be the key indicators and the previous week\u2019s news event surrounding the Iranian and Iraqi conflict over a disputed oil field. Wednesday\u2019s oil inventories may provide some spark, but … <\/p>\n

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