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Crude market lacks direction
02/18/2008
Crude futures prices fluctuated sharply within a $5/bbl range in a directionless market in early February, with traders torn between fears of an economic recession and potential threats to oil supplies.Energy prices fell heavily Feb. 1, with the front-month crude contract dropping $2.79 to $88.96/bbl on the New York Mercantile Exchange after the US Department of Labor reported nonfarm payrolls fell by 17,000 in January, marking the first monthly decline since August 2003. However, the market was unaffected by an earlier decision that day by ministers of the Organization of Petroleum Exporting Countries to make no production changes. The general assumption that OPEC would take no action ha...
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