http://www.marketwatch.com/story/oil-futures-pull-back-after-rally-2011-05-19
On Wednesday, oil futures advanced $3.10, or 3.3%, to end at the contractâs best settlement level since May 10.
The gains gathered steam in the previous session after a weekly government supply report showed that inventories were unchanged, compared to expectations of an increase.
Still, energy analysts at MF Global said that, âin the absence of any upside catalyst that can be considered a pivotal event, we suspect [Wednesdayâs] move will ultimately be regarded as nothing more than a technical relief rally in what is still a down market.â
They added: âThe increased volatility we have been seeing in recent weeks can make these kind of moves par for the course.
On Wednesday, oil futures advanced $3.10, or 3.3%, to end at the contractâs best settlement level since May 10.
The gains gathered steam in the previous session after a weekly government supply report showed that inventories were unchanged, compared to expectations of an increase.
Still, energy analysts at MF Global said that, âin the absence of any upside catalyst that can be considered a pivotal event, we suspect [Wednesdayâs] move will ultimately be regarded as nothing more than a technical relief rally in what is still a down market.â
They added: âThe increased volatility we have been seeing in recent weeks can make these kind of moves par for the course.
