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Oil Trading 12 Nov 2009

Oil prices are still in the process of recouping more than half of Friday’s sharp losses with assistance from Hurricane Ida and a weaker US Dollar. Over the weekend Ida shifted course and gained strength in contrast to prior expectations. However, it does not appear to be a major threat to oil facilities other than minor flooding at some refineries. Oil prices appear well placed to absorb any weather related issues causing temporary production losses given the large supply surplus across the crude spectrum. With the Veteran’s Day holiday crude oil inventories have been delayed by one day and will now be released on Thursday. For oil traders the weather is simply one more factor to take into consideratio when oil trading along with the daily swings in both currency and equity markets.

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