Oil prices are having difficulty making further gains or are well-supported, depending on your perspective and/or portfolio. Since nearing $108, prices have churned between 104 and 106. Support has come from more refinery snags, and selling pressure has come from profit-taking and soft economic data out of China, save for the implied crude oil demand figures. Yesterday, we set out the litany of factors that have gotten prices to current levels. Even though we are struggling for content this morning, we won’t repeat the list here.
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