Today’s Ahead of the Tape noted that oil looks pricey, and judging from the direction of betting today, some traders agree.
In early trading today crude futures skidded to as low as $63.40 per barrel, according to Dow Jones Newswires. “People who jumped in the market on expectations of an economic recovery are getting out,” Gene McGillian, broker and analyst at Tradition Energy, told the wires. “The major factor driving the oil price up was the economy and you see the opposite side of the coin now. With unemployment at a more than 25-year high and industrial activity still slow, crude above $70 was due to tumble.”>>>MORE