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Oil Prices Will Maintain Their Questionable Status Quo



October 07, 2011 – Comments (0) | RELATED TICKERS: OIL , USO

Oil prices have been fluctuating lately, and not in a good way. Analysts keep predicting that things will be improving, week by week. However, on Monday, the looks of this week seemed pretty grim. Now what are analysts saying? Andrea Tse seems to believe things will be better soon.

"U.S. economic data was broadly in line with expectations, but could not assuage the bearish tone that had already set into the markets.

The chaotic news cycle is likely to swing back toward the positive next week.

“We are stuck in some sort of parallel universe that plays out as two variations of Groundhog Day,” said Matt Smith, an analyst at Summit Energy, a subsidiary of Schneider Electric. “Today,” Smith said, “is the Groundhog Day where all things risky sell off because of concerns about the global economy falling back into a recession and on fears of a Greek default … So just like Monday and Wednesday, crude is selling off with falling equities and a strengthening dollar.” "


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