Oil Price -- Leaving It To The Chasers

In a post back on May 14, I argued that the oil price had experienced
weakness that went beyond the usual late spring - early summer
seasonal dip and that oil in the $71 or less a bl. area might present
a nice go long opportunity to capitalize on a positive seasonal swing
later in the summer and hedge against rising gasoline and fuel prices
should they eventuate. This hedging opportunity worked out well
and with oil now moving to a short term overbought condition for the
first time since April, I am closing out my long contract with a tidy
profit and will hope that another trading opportunity arises soon.
Oil price.