With U.S. military action against Syria possibly coming within days, oil investors must ask themselves "Who wants to go home short crude into a three-day holiday weekend?" Since few will answer "me," I think it's a good bet that we drift higher into Friday's session.
Crude oil has traded more than $3 down from its $112.24 high, reaching a low of $108.60 in early Thursday trading. The market has undoubtedly softened, but the fact that the market closed above $109.01 was encouraging to the bull camp.
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But the biggest factor is that we are heading into the long Labor Day weekend with Syria looming on every trader's mind. The reality is that no one wants to go home this weekend short crude, so traders are either long or flat, and we expect this attitude to help boost this market over the next 24 hours.