imlach

Got a short on US Crude at the moment since the other day (bought at $39.80, with stop at $40.50 for now).

We obviously hit $40 today and peaked at $40.05 before closing around $39.95, but just wondered if $40 is a strong resistance level, or do you think we'll move through $40 up, up, & away?

Given OPEC usually prefer the price to be around $25-$30 tops, it must come down a bit soon? Last time it was $41 was in 1990 during the Gulf War 1. I know Iraq is a bit unstable, but surely not as bad a situation as 1990?

Had to laugh at some of the analysts on tv. They were talking about the £1.30 US gallon of petrol, and it may EVEN HIT $1.40 which is unheard of in the US!!!

HAHAHAHAHAHAHA - $1.40 a gallon!!! Surely any US president must be SO SO tempted to raise fuel duty in the States...would raise a FORTUNE for the treasury! It would be good for the environment, but would obviously ENSURE they were not re-elected. I'd do it. About time they got in the real world and cared about the rest of the world's environment (as if!)

imlach

Actually, this gave me a lot of answers....

http://news.bbc.co.uk/1/hi/business/3590133.stm

Suspect my stop will be hit soon It seems OPEC are quite happy for high oil prices (after all, more fat profits!).

Harry_Boy

Hard lines mate - hope it works out. I usually stick to the S&P....