Oil had a disaster of a day yesterday as Crude dropped $4 or 8% as the dollar continued to rally and the DJIA lost some 280 points from its 2 1/2 month high.  More selling pressure in the overnight session as May is down -44 cents and June is down -31 cents.  Keep in mind that May goes off the board today and June will have support @ the $47 level which May held twice in the  last 3 weeks.  It was interesting to see how right when Crude broke that $50 resistance level on March 19th I saw many articles coming out about crude reaching the $65-70 range by year end.  -Daniel Cronin, Energies Guru

This entry was posted on Tuesday, April 21st, 2009 at 3:19 am and is filed under Energies. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.