But oil may have difficulty holding onto those gains, as little has changed about the state of global oil demand, which remains weak due to the economic downturn. "Fundamentally nothing this week has warranted $52 a barrel crude," said Tom Bentz a broker and analyst at BNP Paribas. The dollar-driven commodities rally showed signs of sputtering out. After weakening to a 10-week low against the euro earlier this week, the dollar was slightly stronger Friday morning. The euro was recently at $1.3561. Gold, silver and copper, which posted large gains as the dollar's value fell, were all down slightly. But oil's five-week, 50% rally has raised the prospect that the market bottomed out when front-month crude futures settled below $34 a barrel in February. JPMorgan Chase & Co. (JPM) increased its 2009 oil price forecast to $49.38 a barrel, up nearly $5 from previous estimates. Analysts with the bank said the weak dollar was not incorporated into their forecast model, but "could prove a supportive factor over the course of 2009."
got out @ 52.15 with $195 profit the market is keep turning away from my positions, so I am closing early to lock in some profits