It wants to test $30 but it keeps bouncing from the $34 a barrel level.
It just doesnt make sense for OIL to be below $30 a barrel. This will spell disaster for many oil producers who even at $40 a barrel are under the pump. Common sense will prevail here and OIL by mid year will be around $60 - $75 a barrel and everyone will be happy.
OPEC will take these cuts very seriously and they will be implemented.
It wont be long before we are reading that we have a shortage of OIL once again.
OEX Price at posting:
23.8¢ Sentiment: ST Buy Disclosure: Held