Oil on the rise again?

Dragonsbane answered 3 months ago …

Oil is in the middle of a correction and will continue to trade lower as the USD trades higher and commodities are dragged down in it's wake. However, I don't think we will see oil at $60/barrel again any time soon (in the next few years) due to increasing demand and more importantly a general lack of supply. Every major oil producing country in the world is experiencing declines in production. In fact, most of these countries are probably over-reporting their current oil reserves so that they can produce more oil under their quotas (quotas are based on the size of their reserves). So while demand decreases now due to recessions that hit developped countries (US, Japan, UK, Germany, Australia, New Zealand, etc) demand will continue to grow in emerging markets and when the recession ends we will need more oil than we've ever needed before in our lives.

In summary, oil's coming down in the short term and going to new highs in the long term. I think you can find your own strategy to trade around that scenario.