As we approach the Christmas and New Year holidays, the volume of daily trading will begin to wind down and this lower trading volume will also tend to be more conservative in approach. Traders don't want to be left hanging holding on to high price contracts, especially in a sluggish economy with stagnant oil demand. All the optimism of earlier in the month has been ground down by the inability of the Europeans to solve the debt crisis and now equities are falling because economic prospects are diminishing. Even OPEC became aware of the problem and raised production quotas to try to get more demand by promising more crude in the market.
This week, WTI-$5.88, $93.53; Brent-$4.70, $103.96; RBOB-10.91¢, $2.487; HO-11.2¢, $2.8005.
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