With the oil prices moving crazily lately, there are no prediction where it will go next.
Just opened up my live oil chart and not surprisingly the oil moved north again. This time blamed on the drop of U.S. Dollar and forecast of lower supply of gasoline as the main culprit for this sudden rise of over $5 in Nymex Sweet Crude Oil Prices.
“It just went up and up”
The latest figure from Nymex.com, lowest is $111.64 and highest is $116.65 per barrel with over $5 rise!!
It may fluctuate further as the above chart shows that a single super high volume was traded which probably bring about the sudden spike in oil prices.
I don’t predict the future but looking at this spike, it may not last unless more higher volume are traded otherwise it will either drops slowly back to $110 – $113 per barrel.
Tomorrow might have a bigger spike when the U.S. Inventory report is due.
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