News

November 27, 2009

The US Goes On Its Thanksgiving Holiday With Traders Wondering What To Be Thankful For

By Eithne Treanor

The long Thanksgiving holiday weekend in America seemed to have traders in cautious mood with little action on the market all week. Economic data demonstrated slower than expected US growth and inventories showed a bigger than expected increase in stocks. Traders were probably just thankful that the oil price has maintained some momentum in recent months and in early electronic trading on Friday, the oil price was holding just below US$75 a barrel

The US went on holiday this weekend wondering what to be thankful for. The dollar hit its lowest point in seven weeks. General consumer confidence has not increased significantly and demand for energy is low with consistent sluggish economic data failing to encourage sentiment in the economy. Stockpiles of crude at 3.3 million barrels in the US were almost 2 million barrels higher than forecasts. This puts inventories at a four-week high with sufficient oil in storage to meet winter demands....