Crude Oil Traders Deploy Ginsu Knife Maneuvers as Market Gets Choppy (USO)
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Price action in WTI futures and United States Oil Fund ETF (NYSE: USO) is becoming increasingly choppy as headlines from Europe knock prices around like a ping-pong ball. Yesterday WTI tapped prices below $78 per barrel intraday, where solid support clicked-in. Later in the evening, headlines out of the EU summit sent oil prices sharply higher and WTI is now back about $80 per barrel.
As a result of the EU headlines, oil is entering into a consolidation phase, with choppy action, and pending new developments investors could remain sidelined going into the holiday.
If the price of oil breaks $81 per barrel, more consolidation is seen below $85. Expect more choppiness in the short term. Traders will again key off headlines out of Europe on Friday, and manufacturing data out of the U.S. should drive action on Monday.
United States Oil ETF (NYSE: USO) is expected to open higher by 3 percent on Friday at $30.38. WTI trades at $80.89.
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As a result of the EU headlines, oil is entering into a consolidation phase, with choppy action, and pending new developments investors could remain sidelined going into the holiday.
If the price of oil breaks $81 per barrel, more consolidation is seen below $85. Expect more choppiness in the short term. Traders will again key off headlines out of Europe on Friday, and manufacturing data out of the U.S. should drive action on Monday.
United States Oil ETF (NYSE: USO) is expected to open higher by 3 percent on Friday at $30.38. WTI trades at $80.89.
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