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Light sweet crude market did almost nothing on Monday as we currently wait for decisions out of Holland, Germany, and the Federal Reserve. Also adding to the mix is talk of a possible release of the SPR, or strategic petroleum reserve in order to put a lid on oil prices.
Needless to say, there is quite a bit of noise in this marketplace right now and as such it is difficult to trade. However, we clearly see that the 95 level is a source of reasonable support. Because of this, we are willing to sell oil at this point and only look for buy signals. Presently no, it seems like oil is going to be very difficult to trade and we are actually stepping away from the market overall.