so CL did not follow logic one more time - yesterday close was DOJI bar ( interesting ) , seems now we are headed to 107 daily chart pattern - it may not be stright to 107 , see November 26 DOGI bar on daily , followed by 3% UP day , then 2% down day then rally continued. - if no major event tomorrow , then I see down close to 103.50 tomorrow then ride to 107 similar to November 26 DOGI bar action .
I think those comments from the OPEC guy you posted earlier about $120 being no problem may have driven this. Plus the conflicts in the Mid East won't be resolved anytime soon it would seem.
We'll see what the inventories numbers are tomorrow morning. That may have a dampening effect if they're way up, which they could be.
DOGI bar (yesterday ) in UPTrend environment , followed by 2.5% UPBar today - if no major events tomorrow count it as close as DownBar , then rally continues next day onwards .. daily chart http://bit.ly/dRMNwG
US Oil consumption flat to down : http://www.indexmundi.com/united_states/oil_consumption.html ( down part due to economic down turn for last 2 years ) World Crude Oil Consumption by Year : http://www.indexmundi.com/energy.aspx Oil > Consumption (most recent) by country: http://www.nationmaster.com/graph/ene_oil_con-energy-oil-consumption - this is kind of dated 2007