Energy prices resisted profit-taking on Wednesday, despite another increase in crude oil supplies. Traders instead continued to support the market due to weakness in the dollar, seeing crude as a good hedge against inflation.
How long that potential will continue depends in part on the Commodity Futures Traders Commission, which held the last of three hearings Wednesday, focusing in the impact of speculators in the energy trade. While funds maintain they're not the cause of market volatility, there's been a steady drumbeat calling for strict position limits.
Meanwhile, the government's Petroleum Inventory reported crude supplies up 1.7 million barrels, twice the level forecast by analysts.
To read Bryce Knorr's complete weekly energy review, click HERE.
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