look at a weekly chart reveals that we are, at present, approaching the trend line that has acted as support for the past two years. The next couple of sessions will show if this level can hold or if we’ll see a trade lower to the 61.8% Fibonacci level.
Oil traders have to balance demand risks associated with a stock market sell-off vs. the possibility that the Fed may back off tapering after a terrible jobs report. An oversold market and an uncertain stock market may give the bears some pause.
Oil is at a three-week high just like that after Iran talks look like they are going nowhere and product demand surged against a back drop of some refining glitches.
A wave of selling washed over commodities markets this week as long speculators took notice of the Fed’s recognition of inflation. With a rate cut of only 75 basis points, many investors were