Oil prices are back to their intermediate term value point at about $48.75. A few weeks back, sub-$50 oil was considered a “sweet deal” and buyers were soaking it up. This morning price has definitively returned to intermediate term balance.
We are likely to overshoot value a bit to the downside, but otherwise I am looking for prices to stick in the middle for a bit.
If you enjoy the content at iBankCoin, please follow us on Twitter