Oil reversed after hitting $100…now what?
After hitting 100, WTI promptly retreated along with Gold & silver. Note: This only cover WTI not Brent Crude.
What does it mean for WTI going forward? Seems like the new support level is between 85 – 90. The uptrend has been in place for some time within a well defined channel. The upper bound of the channel suggest that the price could go well above 100. Eith
Either way, it looks like it will price in mid-east concerns permanently into the price going forward. That being said, Would canadian oil companies enjoy a premium for the Oil Sands production given that canada is politically safe.
