Lack of volatility today belies oil price hike later

07/15/2002
The oil price graph curve seems to be flatlining these days. That's not necessarily a bad thing. Oil prices scarcely budged in the first week of July-albeit at a robust level near $27/bbl for next-month crude futures contracts on the New York Mercantile Exchange. Even at that, the NYMEX contract wasn't far from that level for much of June, following a dip early in the month. Have traders really become all that blasMarket fatigueEven with such dynamic influences, trading activity slumped dramatically in late May. Noncommercial NYMEX crude contacts traded on May 21 totaled 18,000, vs. the 60,000 traded Mar. 26. This flight of speculators contributed to a price slide in early June. T...
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