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Oil Rallying Along with Stocks

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  • Description

    Phil Streible of RJO Futures weighs in on the state of the oil market.

  • Duration 1:50
  • Date

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There's great to see you -- their oil rallying along with stocks today.

Why it was ringing bells fable of art.

CMA.

Means -- Obama's up 2% about -- one and three quarters percent bill.

But what we got that that oil inventory report we have some major -- in gasoline and distillate stockpiles which is good news if you want prices.

-- -- -- Well I mean we -- see crude oil field you're talking.

We'll sort off a million barrel -- I always saw about a hundred thousands of initial reaction -- Rudolph backed off.

5060 cents but it's really holding strong on -- quantitative easing expectations.

Also that I'm gonna come -- -- -- that and Europe's gonna find some kind of solutions and when you look at the gasoline and distillate.

We saw a major builds -- of those but the prices are coming up so it's completely and inflation play.

And those two products have really been sold off dramatically over the last couple weeks all traders are trying to pick up automobiles markets as well.

Since taking on the bottom -- oil spill where do you think it is where do you think that the support level is as we look at this honestly back to 86 bucks -- here.

I know it's amazing I mean we came down about 81 -- we started to rally on -- -- the news that we started the season you know I and ISM build.

And we started to see a little bit of stabilization in some of the economic data that came out but traders really came and started picking a bottom -- 81 half -- once twentieth if we break below that you're definitely gonna -- something in the seventies.

If that we're probably gonna travel back up to 89 -- 900.

We start finding -- comfort zone again.

Yeah uncomfortable would be that -- -- triple digit territory of all of us in this country still great talking thank you so much they'll street while the same --

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