After a fakeout down to $77 in thin overnight trading, oil is currently up $.21 in the shortened holiday session. This is in line with small positive moves in equities (.25%), Gold (+.3%), Silver (+1%) and other commodities and is driven by weakness in the dollar which is down .21 (.25%) vs. the dollar index.
Timespreads indicate some weakness as front month crude oil is up .21 while Dec. is only up .01 and farther back months appear to be down, although there is almost no trading beyond Dec. in the low volume holiday session. In the last few years this is generally characteristic of a weak or downward trending market.
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