The light sweet crude oil market has rallied quite nicely during the early part of the Thursday session but has given back gains rather rapidly. By doing so, it ends up forming a less than exciting-looking candlestick and I think it just shows how noisy we are at the moment. Traders really have no idea what to do with themselves, nor what to do with the market right now. I think that will be the way going forward as it is almost impossible to truly determine what’s going on in the Middle East.Longer term, I ...

The Brent market is currently sitting right around the $97.60 level, just below the crucial $100 level. The $92 level over here is support again. This is going to be driven by the latest headlines. It does look like the oil market is starting to slow down, which leads me to believe maybe shorting could end up being the way to go.We just need good news geopolitically to make that happen. I do think that oil has a higher floor than it did before the war. I do not expect to see Brent falling all the way down t ...