Oil Prices

dan_s · Post by **dan_s** » Thu Sep 01, 2011 3:11 pm

If you take a look at this chart it is clear that oil prices are trending higher.

http://www.cmegroup.com/popup/mdq2.html ... Oil&type=p

We are sure to see more wild swings in the weeks and months ahead but the fundamentals all point to higher oil prices.
1. The oil coming from the SPR is about done.
2. Hurricane Irene evacuations and returns burned up a lot of refined products.
3. Labor Day weekend will burn up a lot of fuel.

$90 is strong resistance but not much resistance until $100 after that.