Rally Stalls, Oil Prices Below $82
An abundance of positive economic data during the week have helped the strength of the dollar, subsequently stalling the rally for oil prices.
Author Nick: LeeMel
Name: Lee Mel
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An abundance of positive economic data during the week have helped the strength of the dollar, subsequently stalling the rally for oil prices.
Forex speculators have been convinced over the last few weeks that somtime soon, the Fed is sure to raise interest rates once the economy is in good shape. Based on yesterday’s rate decision and announcement, it appears that’s is far from the thinking of the Board members.
New data on the level of crude supplies was released by the Energy Information Administration today and helped oil prices cruise to their highest level of 2010, before a quick pullback later in the trading session.