When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.
Be alerted of any news about your stocks and see what other stocks are trending.
OILX - Physical Oil Market Whipsaws Back Up And Oil's Bullish Close
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the whipsaw edition of Oil Markets Daily!
WTI managed a strong close today and this week with a finish right around $52/bbl.
On a technical basis, the move validates what we had presumed to be a critical support level. After making a false breakdown below $50/bbl, WTI never managed to close anywhere below $49 and immediately rebounded right back up. Following news reports and analyst forecasts that oil could plunge well into the $40s, the market did what it always does best - completely throw everyone off.