As the monetary policy tightens, it will drive down economic activity, thereby driving down the need for crude oil. This has been what’s been priced into the market for a while now, but it is worth noting that somewhere near the $72.50 level there seems to be a hell of a lot of buying, or at least a lot of support. If we were to break down below the $72.50 level, it would kick off a major shift in attitude, and could send this market down to the $70 level rather quickly. On the other hand, if we can take out the $75 level to the upside, we might have a shot at returning towards the top of the range, which means we ... (full story)