Oil attracts players’ attention…Dynamics of rate and recommendations on USD-CHF and USD-CAD. by OpenForex.com

Oil attracts players’ attention…Dynamics of rate and recommendations on USD-CHF and USD-CAD.

18:34 05/25/2004

Oil attracts players’ attention…Dynamics of rate and recommendations on USD-CHF and USD-CAD. The new oil price record was set at the New York commodity exchange. On Monday, July shipment trades closed out at $41,72 per barrel, which is the highest closing indicator in the 21-year history of concluding futures contracts for “black gold”. Petroleum price record was also beaten and it made up $1,4578 per gallon (3,75 liters) at the closing moment. Compared to the similar period of the previous year, oil and car fuel had risen in price 43% and 61% respectively. Oil price in the U.S. reached its historic maximum of $41,85 per barrel during day trading on May 17. Market is of the opinion that neither Saudi Arabia promise to increase oil extraction to 9 million barrels per day, nor possible OPEK decision to raise quotas will satisfy growing world demand for energy. Monday rise of prices was also provoked by “Royal Dutch Shell” news about closing due to oil leakage at one of its drilling platforms in the Mexican gulf. “New Saudi Arabia oil won’t be delivered in time for the beginning of the summer season in the U.S. and reaction to platform closing showed how sensitive the market was to possible shipment delays”, - says “Alaron trading” specialist Phil Phlynn. “Additional Saudi oil is not bad but its effect will be limited, - thinks “Refko” analysts Marshall Stives from New York. All we need now is new oil processing plants and the Near East security. Recommendations: uptrend on \\”black gold\\” puts pressure on the dollar in all currency pairs. The price approaches the key support on CHF and the possibility of breaking that line out remains in power, that is why you should still stick to the previous recommendation. Recommendations: uptrend on \\\\”black gold\\\\” puts pressure on the dollar in all currency pairs. The price approaches the key support on CHF and the possibility of breaking that line out remains in power, that is why you should still stick to the previous recommendation.

The forecast was created by trans1.