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Monday, June 23, 2008

Oil price is still trading in a range

Oil price is still trading in a range of $131 - $139.

FOMC meeting will start this week, and market expects interest rate to remain the same. I do think interest will remain the same as well as US economy is still weak. If Federal Reserves raises interest rate by surprise, oil price is expected to dip down.

I'll be interested to short oil at $138 and put a stop at $140.

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