Under extreme pressure now.
This whole rally from $50 has been from speculation. With monthly volume rising from the long term "normal" average of around 500,000 barrels per month to 1,428,494 which started in Jan 07 at $50/b.
The only way speculation can be sustained is if more players come to the market and keep the turnover going. This looks to be breaking down now.
A break above $140 would releive the situation, but all in all its at its end.
Be prepared for prices of around $70 within about 1yr.
Under extreme pressure now.This whole rally from $50 has been...
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