Eoin Treacy's view

I’ve been watching crude oil closely for the last month and waiting for a larger rally as a sign of a change in the consistency of the downtrend. Today’s move met that criteria so while there is still a great deal of uncertainty and the range of opinions is still very wide, I opened a long in the March Brent Crude Oil contract paying $52.24 including spread-bet dealing costs. The risk is that prices fail at this level, that this rally represents part of a softening up period within the downtrend and that new reaction lows are posted.