For several months now, we have been highlighting the fact that the price of crude oil has been in an entrenched downtrend where each rally has ended with a lower high. That all changed today, though. With an intraday high of $98.25, the price of WTI crude oil hit its highest level of the year, taking out prior highs from May and late March, as well as the previous high for the year from 1/30 by a penny.
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