Crude Oil trading quietly lower today after yesterday's 9% rally after the G20 agreed to declare war on the global recession.
OPEC seems to have quietly accepted that to high oil prices will be counterproductive as it will prolong the current recession. On that basis Crude at $50 per barrel seems to have been accepted as a pragmatic price for now.
For now it will take its main direction from the value of the Dollar as the demand and supply situation is evenly poised. A dramatic rally higher from here however seems unlikely as we are heading into the seasonally weak demand months of April and May.
Technically May WTI Crude broke below the uptrend from the January lows but found support at the 20 day moving average before the Thursday rally took prices back into the fifties. A period of sideways trading between $55 and $47.5 is the most likely outcome.
Support: 5100 5000 4865 4760
Resistance: 5290 5465
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