Oil remains strong -- can it keep moving? Find out from Joe Terranova.
Despite already being up $3 ahead of the data, a bigger than expected drop in U.S. crude inventories pushed oil prices even higher on Wednesday.
Also, BP said the world's proven oil reserves were mostly unchanged last year, a further indication of tightening supplies.
"The window of weakening oil prices has now closed,” says Joe Terranova, chief alternatives strategist at Phoenix Investment Partners on CNBC’s Closing Bell. “From Memorial Day to the middle of June there was some selling pressure from index funds rolling their contracts forward but that’s coming to an end. I think the downside is limited.”
“I expect the market to firm up ahead of the futures expirations on June 20th. “Over the next week I think prices are going north,” he says.
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