Oil prices rallied back over $100 in the midst of this weeks turmoil, to close Friday atĀ $104, up $6.Ā According to the current downtrend, oil, which appears to be in aĀ bull market consolidation,Ā is likely to continue lower for the time being, unless it can break the trendline and close above $108-$109.
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Chart: Bespoke Investment Group
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