The steady rise in oil prices has temporarily halted. Currently, WTI crude is trading at $108.47 per barrel earlier, a decline of about 0.4%. Yesterday, unfounded rumors that originated in Iran of a Saudi Arabian pipeline explosion sparked a rally which pushed prices some 5% higher. On OpenBook, a slightly bearish sentiment exists among oil traders. Commodities trader MMF19 closed out a small string of long positions in oil yesterday as the price rose on the rumors, scalping profits of 2.27%, 1.05% and 2.63%. Then, closing out a short position that was opened at the apparent height of the rally, he returned a solid profit of 22.27% on the short. Three recently opened longs would need to see a resumption in the upward trend to turn a profit. Read more