Contrarian indicator?
On the theory that mainstream media sources are reliable contrarian indicators, I pass along the following without comment:
Investors are shifting their bets towards oil prices weakening in
the near future as the slowdown in US economic activity damps energy
demand growth, traders in London and New York said.The recent
changes in trading positions could signal that oil prices have peaked
after hitting a high of $100.09 a barrel early this month. Last week,
oil dropped to a three-month low of $85.42 a barrel although it
recovered to trade above $90 a barrel by Friday.
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