Oil Closes at $104

September 19, 2008

1 minute read

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.

Oiltrend

Chart: Bespoke Investment Group

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