So Far, Saudi Jawboning of Crude Oil is Adding Buoyancy to Prices, and Keeping the Shorts on High Alert

After the Saudi announcement early this morning, which propelled oil from around $40.60 to a spike high at $42.75, crude pulled back to $41.09.

However, it has since climbed again above $42.00 towards a test of the post-Saudi intraday high, which if hurdled and sustained, should trigger another round of short covering that points into the $44.00-$45.00 target zone.