It's taken the NY J's 20 minutes to shave $1 of WTI nightly high. If oil couldn't hold $80 after a month of extemely bullish news, when will it ever go up.
And why the F is 80 dollars oil considered high? For years $1.5 dollar copper was the highest price copper got to at the cyclical high of price pearks. $1.5 take a look at the chart. And now sub $4 copper is considered low. Oil has never undergone this paridigm shift. Inflationg adjusted it is even more ridiculously cheap.