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Published on 18 Dec 2016
The
WTI Crude Oil market initially fell on Friday, but just as we had seen
on Thursday, buyers came in just above the $50 level to push the market
higher. We closed at $52, and I now feel that we will probably continue
to bounce towards the $54 level. I don’t necessarily believe that we are
ready to take off to the upside, especially with Christmas coming next
weekend. I think the markets will be fairly quiet, but will tend to
favor a bit of a drift higher. If we do break down below the $50 level,
the market should continue to drop from here and reach towards the $46
handle. Either way, I’m not expecting sudden moves.
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