Why Oil Won’t Trade Above $100 This YearBulls are clearly in control for the last 3 weeks and as everyone has learned it takes time for Oil to move example last year it took Oil 6 months from $77 to hit $123 and 6 months to hit $72 so considering Oil has rallied from $74 to $82.50 the first leg is done and now we'll see what Feb throws our way and we really need $83+ Oil then we could rally as high as $87. Everyone needs to forget $100 Oil and think $85 than $90. OPEC will be happy with Oil between $75 - $85 wanting $90 one change today was better than expected GDP just what the bulls were hoping for but now with such strong Durable Goods Orders and GDP the FED might rethink.25% I say just hammer the brakes one more time with a .75% tapering off but the way they're doing it is higher rates for
longer the thing is if Feb has the FED hiking rates could take some wind out of the sails. Maybe tomorrow's Oil will be at $83+ only $1.70 away it's cutting through resistance that needs to happen but $81 Oil is a heck of a lot better than $79. See if the US can do it tomorrow.
Why Oil Won’t Trade Above $100 This Year | OilPrice.com