February Crude Oil Update

Over the last year crude oil has experienced prices in the 30′s to high 80′s, but the slope of the growth has decreased during this same timespan.

Although oil doesn’t really hit its peak till the late summer months, I’d thought we look at what the charts are saying about the black gold right now.

Overall, oil is still moving in a channel and is working on the third hit of the support. Should the trend continue, then we should see this commodity head back into the 80′s over the next couple of months.

For a more detailed analysis of oil check out the Crude Oil Update for February 2010.