Peter Gignoux
Peter Gignoux
book buying comments higher instead market morning oil prices pulling response rose saw seeing traders
What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.
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Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.
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The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about $42 a barrel,
altogether behaving
Altogether we're on target. The market's behaving very well right now.
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Remember that oil disruption is a genuine bullish indicator for the commodity,