The price of crude oil futures is settling up at $110.60. That's up $7.19 or 6.95%. The high price reached $112.51. The low price extended to $105.18.. The high price today trade at the highest level since the week of May 2, 2011.
Since a swing low on December 6 at $62.46, the price has risen 80.8% to the high price today of $112.51. The next target comes in that the swing low from the May 2, 2011 hi at $114.79. Trade above that level and the price is trading at the highest level since 2008, when the price peaked at $147.27 before tumbling down as a result of the recession from the real estate collapse.
I hope history does not repeat itself.
