Trading Crude Oil
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BLACK GOLD GAINS IN FASCINATION FOR SPREAD BETTORS
Crude oil movement is creating a spread betting rollercoaster in Ireland says paddypowertrader
The international fluctuations of oil prices have created a spread betting frenzy in Ireland according to Paddy Power’s new financial spread betting venture, paddypowertrader. The company has seen Irish spread bettors keenly follow the sharp rise and fall in the price of crude oil over the past ten days. Oil prices have been pressured by speculation that Saudi Arabia may boost production following a report in the Middle East Economic Survey, an industry publication.
Crude prices have fluctuated widely since they surged nearly $11 in a single session to a trading record above $139.9 in early June. The cost of oil has been a hot topic on the agenda internationally with transport strikes occurring across Europe.
Some retail investors believe prices could yet push higher, while others think prices are due to fall, perhaps sharply. Analysts call oil's current wavering "range-trading," as traders await direction from a significant move in the dollar or change in supply-and-demand fundamentals.
“Paddypowertrader has watched the numbers of spread bettors starting to move into oil double in the last two weeks. The price of oil touching almost $140 a barrel this week already has certainly sweetened the bets for savvy spread bettors going long,” said Davin McAnaney, Commercial Manager of paddypowertrader.
“Paddypowertrader is eager to enable retail investors to get involved in the market through the medium of financial spread betting. This week we have seen slick spread bettors moving into oil positions. As the oil price has been rising and falling our clients have been placing both long and short bets,” added McAnaney.
paddypowertrader launched in the summer of 2007 enabling clients to take advantage of the many benefits of financial spread betting, including being a tax–free alternative to trading shares and financial markets. The product continues to grow in popularity in the UK and Ireland, amongst not only financial industry professionals, but also amongst those with an interest in the stock market.
For more information about paddypowertrader see: paddy power trader quick notes.
"Trading Crude Oil" written by paddypower, last updated 01-Jul-2008
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