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
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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