Oil higher today after erasing earlier drop
It's a back-and-forth kinda market at the moment. A few fronts are showing indecision after the big moves from the middle of last week.
However the underlying chop is starting to press against some technical levels. Oil is an example with WTI challenging the trendline that started in mid-July.
Crude has two things going against it 1) It's priced in USD, which is strengthening 2) global growth worries are weighing on it.
Despite that, it's held up well in the past two weeks and is right back to where it was in the middle of July. That may bode well but it would be a much better sign if it could fight above that trendline and the Aug 13 high of $54.47.
