Past few days,Crude oil has rallied upwards with decent momentum.It looks like the worst is over as far as crude oil is concerned.Those days of oil prices in mid 30's dollar per barrel should not be seen till next crisis.Market has shown interest in posting gains quite consistently.Though its still in range of 40-48$ for past 2 weeks,but whenever the break happens,it looks more favourable on upside.Equities have also posted over 12-15% gains in less than 2 weeks and have broken recent highs today.The sight looks promising as Fed announced buying of toxic assets and treasuries.Inspite of bearish oil inventories,i think market must break to upside soon.Despite no Opec cut,Oil showed no interest in heading down.Everything looks positive as a trader as higher prices means more intraday movement :)
(not so for oil importers)
lets see how it goes,oil must stay in 45-65$ dollar range for rest of the year.
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