*SCALPSWINGSTRADDLE*

[bobirw]

Oil Action: NYMEX crude peaked at $58.49
Oil Action: NYMEX crude peaked at $58.49 overnight, just over Friday's peak. For the fourth consecutive day however, the contract has been unable to hold gains on the $559 handle, and has since fallen back toward $56.70. Developments overnight included Saudi Arabia voicing confidence that prices will rebound as world economic growth will boost demand. In addition, the Energy Minister of the United Arab Emirates called on producers outside OPEC to cut their "irresponsible" output as excess supply harms the market. Generally, traders see a $55-60 trading range to persist into year-end. Elsewhere, RBOB gasoline is trading at $1.5580/gallon, on session lows, after rallying over $1.59 in Asian hours. :theflyonthewall.com