Yesterday's oil bulls are singing this tune today after crude gave back all of Thursday's gains and closed at the low. The bounce from support was far too obvious for that to really be the end of the decline. I'd expect a break of $110 at some point next week followed by panic selling. Thats the capitulation that oil needs before a real move higher in my opinion. However, if crude spends more than a few days below $110 then you can pretty much forget about the bull market in energy. By the way, what happened to the comments and the other authors? This blog is turning into a ghost town.
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