In trading today, we see crude oil weaker caused by the strength of the dollar bouncing off its lows of past sessions and from shear profit taking in crude.
Crude oil, in yesterdays trading reached levels never before seen. Continuing the recent driving force of prices, US light Sweet Crude peaked at $115.54 a barrel. While in London, Brent Crude traded at another record of $113.29 a barrel.
The bullish inventory report acted as a catalyst to the markets. The Department of Energy’s report showed a surprise drop in US crude inventories and a larger-than-expected drawdown in gasoline inventories. Which sparked rising fears that there wouldn’t be enough supply to meet the demand for fuel during the summer driving season.
How to trade this market..?
Buy the dips!! Its only going higher..!
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