Discuss OIL here

The price of oil rose toward USD 97 per barrel Tuesday, but gains were checked as investors waited for the Federal Reserve's latest views on the US economy.

Benchmark crude for June delivery was up 16 cents to USD 96.87 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 69 cents to close at USD 96.71 on Monday.

On Wednesday, Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Traders will be looking for hints on what the Fed might be preparing to do in light of recent data that has pointed toward a sustained economic recovery.

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In today trading Crude Oil Updates for June delivery looks bearish with a negative trend. On overseas market Brent crude oil traded near $ 103.56 and hopes to down more in remaining session.
On domestic market crude oil is expected to trade in the range of 5280 to 5368.

Why the bearish trend for oil now? I would think that with the US economy improving and the Federal Reserve keeping interest rates low that demand for oil will pick up? In the US we are not entering the peak summer driving season and this is one of the two seasons when gasoline prices are highest. The other period for peak prices is the week around Christmas when holiday traffic is very high.