Oil facing slew of challenges

February 9, 2011 06:00 PM

If the Brent goes up, does the WTI go down? US WTI oil prices are pulling back due in part to a mountain of U.S. supply; yet Egyptian concerns and peak oil concerns keep the Brent rocking.

Rumors of the death of the Saudi King have been denied and the Saudis are denying the reports that their production has peaked. They are keeping uncertainty in the marketplace.

Europe is more concerned about what the International Energy Agency said is significantly tightening supply.

The oil market has been trading in some fascinating ranges! Some bullet points to ponder as I struggle with computer trouble.

Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at pflynn@pfgbest.com.

About the Author

Phil Flynn is a senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. Phil is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets.