“There’s been a flight from risk today, a bit of profit-taking,” said Matt Smith, a commodities analyst at Summit Energy, an energy consultancy in Louisville, Ky.
Crude in the past week has swung between “rallying because the outlook for demand looks stronger with decent economic data, and rallying because things look so bad” with the bleaker outlook, adding to expectations the Federal Reserve would embark on a new round of monetary easing — burnishing the appeal of inflation hedges such as oil and gold.
The barrel has advanced nearly 10% in the past month. “It’s run up too far, too fast,” Smith commented.
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Dow Jones Industrial Average
(DJI: ^DJI)| Index Value: | 10,948.58 |
|---|---|
| Trade Time: | 4:04PM EDT |
| Change: |  19.07 (0.17%) |
| Prev Close: | 10,967.65 |
|---|---|
| Open: | 10,968.41 |
| Day's Range: | 10,892.76 -10,998.53 |
| 52wk Range: | 9,596.04 -11,309.00 |
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