Monday, February 05, 2007

Oil likely to stay under $60

Although the price of crude oil has risen lately and is now within striking distance of $60 (around $59), it is more likely to reverse and begin trading downwards in the $45 to $60 range within the next week or two. Traders and short-term speculators may do their darnedest to artificially push oil above $60 and may succeed in poking near or slightly above that level, but there is simply too much oil sloshing around relative to actually demand from end users to mount a sustained move deep into the $60's any time soon.

-- Jack Krupansky

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