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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Jan crude oil this morning is up +31 cents (+0.74%) and Jan gasoline is up +0.0175 (+1.36%). Monday's closes: CLF6 -0.15 (-0.36%), RBF6 +0.0294 (+2.32%). Jan crude oil and gasoline on Monday settled mixed. Crude oil prices received a boost from short covering after a story from the official Saudi Press Agency that said that Saudi Arabia says it's ready to cooperate with OPEC and non-OPEC producers to maintain stable oil prices. Crude oil prices were undercut by the rally in the dollar index to a 7-1/4 month high and by comments from Venezuelan Oil Minister Pino who said oil prices may slump to as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market.