Eia

Until today, the price of oil had been little-changed during the week. Market participants were waiting for direction from the weekly US oil inventories report, which was published earlier today.

Oil prices have bounced back after Wednesday’s decline and are thus back higher on the week after Monday’s rally. As before, I think oil prices are heading higher. The lack of a clear trend over the past several weeks has coincided with rising US crude oil inventories to new record levels. But after a six-week streak of rises, US oil stocks are like...

Crude oil prices have been on a roller-coaster ride to absolutely nowhere in recent weeks. It appears as though the buying and selling pressure in finely balanced. Bullish speculators are encouraged to remain in the game because of the OPEC’s efforts to reduce supply. Bearish traders are encouraged by signs of renewed rise in oil production in the U...