Light Sweet Crude
The CL had a very flat day today as traders have taken a break from recent bullishness. The $113 area seems to be a good resting spot, before the eventual attempt to break out above the $115 area. This is a very bullish market, so selling isn’t advised. The verdict is buy on the pullbacks, or a break out past the $115 mark.
Brent
Brent has a similar day today as the CL; only it actually closed slightly lower. Still, it was a very quiet day as traders begin to weigh the idea of sustainability of these high oil prices as based upon consumer demand. For the time being, this market is still a buy on the pullbacks situation, and will be for quite some time. However, one has to wonder if a pullback is due.
Originally posted here
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