The dance to oil on a slippery ground

crude_oil dance

Since hittingĀ a supercycle degree top of $147 a barrel in July 2008, WTI Crude experienced a dramatic crash down to $32 a barrel by Dec 2008. the past 4 yrs have seen a wave B rally to $110 which is currently topping. Once it tops wave C will begin and it will take prices back below $30 a barrel.

Crude Oil Average 1861-2011

Crude Oil 1988-2013