Crude oil soared almost $6 yesterday due to a weak dollar and continuing tensions between Russia and Georgia. Fast forward to today and at this moment, the whole move has been reversed and then some. The life of a futures trader is never easy and that goes double these days with crude oil. In our opinion, this means that lower prices are ahead for crude. One day reversals with such big moves like this aren’t very common, and are bearish for the price.
Filed Under: Economic Forecast