The value of crude oil futures is settling up at $110.60. That is up $7.19 or 6.95%. The excessive worth reached $112.51. The low worth prolonged to $105.18.. The excessive worth right now commerce on the highest degree because the week of Might 2, 2011.
Since a swing low on December 6 at $62.46, the worth has risen 80.8% to the excessive worth right now of $112.51. The subsequent goal is available in that the swing low from the Might 2, 2011 hello at $114.79. Commerce above that degree and the worth is buying and selling on the highest degree since 2008, when the worth peaked at $147.27 earlier than tumbling down because of the recession from the true property collapse.
I hope historical past doesn’t repeat itself.