Oil closed at a record $99.62 a barrel after briefly hitting $100, as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying. Oil's climb to the psychologically key triple-digit price sent stocks tumbling on Wall Street and darkened an already gloomy economic outlook in the United States, battered by a housing crisis and credit crunch.
The bounce off from major supports, e.g. Qs 50.13 near at lower sym triangle TL, didn't last long even with oversold intraday actions, reversing after trading to 50.80 +/-, a quick bounce after the FOMC min at 2 pm. The support is held during the afternoon pull back.
The market price actions are pathetic to see selling-off in light volumes even though the volumes were better today than that were during the last three days.
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