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Oil Prices Up Again

We can see which way the wind is blowing as oil prices keep ‘drifting’ higher. Prices may look like they are going down, but at the end of the day, oil closes up. Approx. $82/gal. on Tuesday.

Traders look to Mr. Market and King Dollar.

Analysts say:

“Oil prices were once again just a pawn of the foreign-exchange market as the euro started the day absolutely getting crushed over the Greek debt crisis,” said PFGBest analyst Phil Flynn.

“The dollar still has the potential to appreciate rather significantly and on relatively short notice, and so for the moment, we would be cautious about being long energy,” said Edward Meir, senior commodity analyst at MF Global in New York.

Stockpiles are up. Demand is still pretty weak. Price is up. Contact us if you have any skinny on where prices will go next?

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