Oil prices rallied back over $100 in the midst of this weeks turmoil, to close Friday at $104, up $6. According to the current downtrend, oil, which appears to be in a bull market consolidation, is likely to continue lower for the time being, unless it can break the trendline and close above $108-$109.
Chart: Bespoke Investment Group
The increase in wealth could be one of the reasons behind the rise in the crude price. The delivery of crude oil closed on 10/24/2008 at as low as $64 per barrel.
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