Excerpt from: Futures and Commodity News
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| November 07, 2007 | | Oil prices continue to be the topic among futures traders | Futures traders on oil prices may want to consider that they are likely to continue rising. Restricted supply, as well as a weak dollar, are driving oil prices higher on the commodities market, topping $98 and heading toward $100. MarketWatch reports on oil prices:
"The outlook for tightening oil supplies pushed prices higher overnight putting the market in a position to take out the inflation adjusted all time high this week," said Michael Fitzpatrick, an analyst at MF Global, in a research note.
"There are several factors that seem to be whipping up bullish sentiment and inspiring fresh speculative buying including expectations for another drop in crude oil stocks, bullish EIA/IEA oil supply/demand projections as well as the dollar sinking to new contract lows," he said. | | |
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