Oil U.S. Light Crude Futures ($71.14)

Since last May I have repeatedly made the observation that oil is stuck below the $75 area. The situation persists. In the most recent short term corrective phase, the index has poked its nose below the 100-Day Moving Average and may be looking for support at the rising 200-Day Moving Average in the area of $67. We are looking at a determined pattern of short term price weakness, but the intermediate term trend remains strong.