May 16, 2008
Oil prices rise after volatile session
“Oil as a class has performed better this year than equities and bonds, and continues to encourage investors to pile money into oil and stay in oil”
Oil rose Friday in Asia following a whipsaw overnight session during which the expiration of options and a mix of news played havoc with prices trading in a range almost $6 wide.
During Thursday's session, the front-month crude oil contract dropped as low as $120.75 before bouncing back to finish above $124 a barrel.
'Unless there is a confluence of substantive bearish news, when there is a pullback of something like $5, it's unlikely to stay down because enough participants will see that as a buying opportunity,' said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. Read more
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