Cameron Hanover – Daily Energy Hedger – June 22 2010

Oil prices had a real jump on the market in trading overnight. A little after midnight on Sunday into Monday morning, crude oil prices had broken as high as $78.55, which seemed to make the $78.40 Fibonacci retracement number moot – suggesting that oil priced were in much more than a corrective retracement of the decline from $87.15 to $64.24.