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Crude Oil Futures: Streaky And Freaky

Crude Oil Futures: Streaky And Freaky

Crude oil futures have been one of the most volatile trading instruments in the market lately. Wild $1–2 swings during the trading day give way to even larger swings in overnight sessions. Intra-day dips and spikes have come on hard and strong, giving traders plenty of openings.

Over the last month, crude oil prices have been extremely streaky as well. From July 21 to August 2, oil futures were down eight out of nine days. A modest $0.47 gain on July 29 was the lone exception to the trend. The August 2 close marked the lowest close of the downturn for oil at $40.30.

Related Link: Bank Of America Sees $69 Oil Within A Year

Then, after a volatile churning period of six days, oil futures took off to the upside. From August 10 to August 19, oil futures put together seven consecutive sessions of gains, surging from $42.46 to $49.11.

That momentum came to an abrupt end on Monday, however, when oil futures fell $1.70. Oil continued its decline in early Tuesday trading, and traders will be watching closely to see if this week’s move is the beginning of a new losing streak or simply a consolidation period before the next leg higher.

So far this year, the United States Oil Fund LP (ETF) (NYSE: USO) is down 1.4 percent.

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