WTIC oil daily chart had 85 on tap as a target three weeks ago when the Egypt and Middle East turmoil hit hard. Oil exploded skyward, oil now viewed as perhaps the number one currency in the world, Petrodollars if you will, a rocket ride from 86 to 105, +22%, in 12 days. And with momo like this, even after a pull back it will want to come up again for another matching high. Oil price seems overblown but momo has to be respected.
The Strategic Oil Reserve requirs rennovations so about a million barrels per month supply will be available from that. Any resolution of Middle East woes should result in rapid retracements. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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