Wednesday’s negative EIA figure was not enough to keep the steam up for the rally in Oil which ended yesterday with an upside down hammer on the day chart. The market closed yesterday at 60.51 after reaching a day high of 62.55. That is quite a run. Today’s open was at yesterday’s close so the last 3 days also form an Island for yesterday’s price. It could be the slide in US and most stock markets that is hurting the price of Oil or there could be more technical forces in play and this may simply turn out to be a retracement of a few days before it picks up steam again.

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