Business
With crude oil prices on the move I am compelled to offer my thoughts on the subject, but don’t expect any bold directional opinions. The oil market is a major turning point in which the direction is even less predictable than usual. Additionally, we could see oil simply settle into a $10.00 range for the time being. That said, given weak seasonal tendencies by mid-October, we must believe any short-term strength the market might muster in the coming weeks will be short-lived. Let’s look at some of the mixed signals we are seeing in West Texas Intermediate crude oil futures traded on the NYMEX (New York Mercantile Exchange) division of the CME Group. Summary: Weak seasonal tendencies and technical resistance could keep the WTI crude oil futures rally capped at $60 to $62.