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Thursday, December 07, 2006
Here is an hourly chart showing pit trading in January crude oil futures. I last commented on this market here.
Support at 61.50 is holding and I think the upside potential has been increased by the last two days' trading between 61.50 and 63.00. I think the market has a good chance to rally to 66.00, about a dollar higher than I originally expected. In any case I still believe that we shall see crude selling at $50 or lower during the first half of 2007.