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Regal Group International: Crude oil futures drop as the U.S. dollar strengthens.

A stronger dollar and OPEC’s indication of unchanged production levels sees the start of slide for crude.

PRLog - Oct. 12, 2010 - Analyst known to Regal Group International believe that the crude price is to continue its downward slide as a result of the strengthening dollar reducing investment appeal in the commodity ,backed by Saudi Arabia indicating that OPEC is likely to leave production targets unchanged.  

As the dollar began a recovery from eight month lows against a basketful of currencies, oil slid back as much as 1.1%.

OPEC which pumps about 40% of the globes oil has signaled that it intends to maintain current quotas after its upcoming October 14th meeting in Vienna, Austria, with the Saudi Arabian oil minister telling Regal Group International sources recently that the oil markets are currently “very well balanced” and adding that prices between $70 and $80 per barrel were “ideal.”

“The dollar is so heavily sold at the moment, creating the opportunity for a bit of strength in the dollar and softness in oil,” an analyst for ANZ told Regal Group International. “You would be leaning toward a softer oil price this week.”

The dollar strengthened after earlier retreating on speculation that the U.S. Federal Reserve is to embark on further economic stimulus measures.

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Regal Group International is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is looking for an avenue to place fast efficient orders.

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Source:Regal Group International
Location:Hong Kong Island - Hong Kong
Industry:Business, Energy, Investment
Tags:oil futures, oil price, spot crude, commodity trading, energy department, federal reserve, ben bernanke, opec

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