Oil prices in Asia traded within a $6 range, going as low as $120.75, but finishing above $124 a barrel. The expiration of options, the temporary shutdown of ICE futures trading due to a power outage, a fluctuating dollar, and the announcement that natural gas inventories rose a higher-than-expected 93 billion cubic feet last week combined for a topsy turvy session.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, explains why oil prices ended in the high range today, “Unless there is a confluence of substantive bearish news, when there is a pullback of something like $5, it’s unlikely to stay down because enough participants will see that as a buying opportunity.”
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