Crude Likely to Top After Speculative Buyers Exit
Posted: Mon May 09, 2016 6:59 am
This guest article was written by James Hyerczyk, financial analyst at FX Empire.
June crude oil futures are expected to get a boost at the start of the week because of the Canadian wildfire. Current reports suggest the fire could reduce production in the area by over a million barrels. The lost capacity is equivalent to well over a third of the country’s typical daily production, and almost all of Canada’s crude from oil sands is exported to the United States.
The news is wreaking havoc on the U.S. markets with prices for West Texas Intermediate oil for delivery ... (read more)