Thursday, April 02, 2009

Crude Oil Closes Above $50 A Barrel



Crude Oil surged higher today closing above $50 a barrel. The May contract settled at 52.64 up $4.25. USO (ETF for Crude Oil) closed up over 8%.

As you can see in the above chart, we have a series of higher highs and lows which can mean only one thing, the trend is up. Until this pattern is broken, we have to assume that oil prices will continue to trend higher.

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