Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Crude Oil at New Record High

29 sec read

Crude touches 114$/barrel. Have an short term target of 120$/barrel

Oil prices steadied Wednesday above $113 a barrel after setting a record on growing concerns about insufficient global supply.

Oil surged to an all-time high of $114.08 a barrel Tuesday after a high-profile report by the International Energy Agency said Russian oil production dropped this year for the first time in a decade.

Analysts said growing investor demand for commodities _ which have performed better than other financial instruments _ also helped prop up prices.

“This is really driven by investors purchasing oil because returns have simply outpaced those of stocks and bonds,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. Shum said he didn’t think supply and demand fundamentals were that strong, but added that “oil’s price rise seems unstoppable.”

 

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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