Critical information ahead of the U.S. market’s open
by Barbara Kollmeyer
West Texas Intermediate crude is trading at fresh three-month lows this morning, after Monday’s selloff seemed to reawaken the bears.
Not even a hefty drop for the dollar — as the yen rallies after reports that Japan’s latest stimulus may disappoint — is helping.
“I believe that the oil weakness at the same time as dollar weakness just shows the negative sentiment on oil right now,” said Hantec Market’s Richard Perry in an email. His opinion is that the market has latched onto the negatives for oil, and it’s best not to look for any buying opportunities yet.