Oil Prices - April 15
Posted: Mon Apr 15, 2013 6:57 pm
IMO this market was just waiting for a reason to "correct". The drop in gold prices and less than encouraging economic data did the trick. Keep in mind that Q1 results for our favorite stocks are going to be quite strong. - Dan
May Crude Oil prices trended lower throughout the session and fell to their lowest level since December 11th in the process. Some traders indicated that the aggressive selling pressure came in response to weaker than expected Chinese growth data and further long-liquidation across a number of commodity markets. The expiring May Brent Crude Oil contract fell to its lowest level since July 25th and just above $100.00. Some traders noted that growing concerns that global oil demand could ease further was seen as one catalyst's behind the heavy liquidation trade. These concerns were also highlighted by US economic data this morning that fell short of expectations. May crude oil prices spent several attempts trying to turn up from their mid-morning low of $87.86 but was unable to gain any traction
May Crude Oil prices trended lower throughout the session and fell to their lowest level since December 11th in the process. Some traders indicated that the aggressive selling pressure came in response to weaker than expected Chinese growth data and further long-liquidation across a number of commodity markets. The expiring May Brent Crude Oil contract fell to its lowest level since July 25th and just above $100.00. Some traders noted that growing concerns that global oil demand could ease further was seen as one catalyst's behind the heavy liquidation trade. These concerns were also highlighted by US economic data this morning that fell short of expectations. May crude oil prices spent several attempts trying to turn up from their mid-morning low of $87.86 but was unable to gain any traction