|Today, oil continued its strong rally in the wake of an American Petroleum Institute report which stated that U.S. crude supplies fell by 3.6 million barrels last week. With crude oil now trading over $50 a barrel, today's chart presents the current, long-term trend of West Texas Intermediate crude. Today's chart illustrates how the price of crude oil had been confined to a steep downward sloping trend channel as a result of a tremendous increase in supply. Today's news suggests that this mismatch between supply and demand is being brought back into balance. As a result, crude oil has broken sharply through what was once resistance (red line) and is up over 90% from its February lows.Notes:
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