WTI oil futures open Monday’s trading session hovering near $99 a barrel after last week’s sell off is now viewed by analysts as oversold, leaving oil prices back in bullish territory.
Latest WTI Oil Price
US Light crude oil futures for June 2011 delivery was trading at $98.75 a barrel, 07.50 GMT this morning in electronic trading on the NYMEX.
“I’d expect a nervous recovery after the move from $113 down to $97. We may see some strength the next couple of days.” said Jonathan Barratt, managing director of Commodity Broking Services, Sydney.
Kevin Kerr of Kerr Commodities Watch stated that commodity selling emotions of traders may be short lived as investors reorganise and must look for value in many markets that had simply moved too far, such as silver, copper and oil.
He added, that the recent decline in the commodity prices majorly caused by rising margins, strong performance by the US dollar in the currency market, and prices that had moved up rapidly and experiencing a strong correction, which offered a true opportunity for traders to buy the commodities at cheaper levels.
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WTI oil trading near $99, crude prices look bullish, oversold
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