Oil Prices - October 22

dan_s · Post by **dan_s** » Mon Oct 22, 2012 4:42 pm

December crude oil prices trended lower during the US trading session, falling to their lowest level since October 4th in the process. The market was higher during the initial morning hours, supported by weakness in the US dollar and a rally in global equity markets. That seemed to change following earnings announcements from Caterpillar that showed higher than expected profit but lowered FY 2012 forecasts. This seemed to reignite slowing economic growth concerns. Meanwhile, the restart of TransCanada's Keystone pipeline served to calm supply disruption concerns in the mid-US, and that seemed to overshadow festering Middle East tensions.

For some reason, oil prices tend to move lower on Monday's.