Angus Campbell Oil Quotations

Profit taking cannot be ruled out, especially if oil prices head north.

The only thing that can stop further declines in the market today is a tame ISM figure and lower oil prices,

As oil prices continue to trade higher, this (deficit) decline could be short lived and the U.S. trade woes may get worse.

It would seem that the up and coming earnings season may not be the centre of attention as concerns over the price of oil hitting record levels is dominating trading sessions at the moment.

Even though there have been a few fund managers cutting their exposure to U.S. equities, the earnings season has proved almost as good as Q3 last year and subdued oil prices could help lift confidence levels. Just over 65 percent of companies in the S&P 500 that have reported have met or exceeded forecasts.

Even though oil futures are flat this morning and have remained around (the) $63 to $64 a barrel level, concerns remain over the prospect of the combination of higher inflation and borrowing costs.

Considering that NYMEX crude rose yesterday on speculation that demand for oil will grow next year, an increase in stocks will be required to cool off what looks like the beginning of a little rally in oil prices.

Bulls have been crying out for a good end to the earnings season, and this will only encourage them to push the market higher, especially if oil prices continue to remain low.