Cameron Hanover Daily Oil Recap (courtesy of www.fmxconnect.com)
"The fact that China did not raise interest rates this morning seems to have buoyed investors’ hopes, and Opec’s decision to maintain quotas at existing levels seems to have given oil traders a reason to be bullish for supply and demand reasons. The US dollar was under selling pressure all day long, starting first thing Monday morning and lasting past noon. In the process, the dollar gave up about 125 points - or 1.25 euro cents. Even the DJIA was higher on Monday, gaining 18.24 to end at 11,428.56. The surprise was that oil prices did not gain more. The bulls were trying to put prices in position to break important resistance as we move through the week."