Crude oil is trading at $45.84 a barrel on the New York Mercantile Exchange this afternoon, as the contract for May delivery expires tomorrow and the dollar gains against the Euro.
The May contract slipped by about $4 a barrel today. The June contract is down $3.49 to around $50 reports Bloomberg. The broader market is also down today by 3.5% which is also dragging on oil prices.
Despite the fact that we’re in the middle of a month long slip, people still think the oil will pick up for the year. Raed Diab, a technical analyst at Global Investment House KSCC told Bloomberg that oil will be at $60 by year-end. T. Boone Pickens reiterated his call for $75 oil at the end of the year.
(Chart on top is oil, bottom chart is the Euro sliding against the dollar.)
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