It Doesn't Quit: The Announcement to Release Oil From Global Reserves Continues to Reverberate

It looks like oil closed at around $92 today, after it appeared to be in free fall after the announcement of global release of reserves.

"Anonymous" posted some time ago that if the Saudis say they could make up the shortfall, and then it turned out they couldn't, the price of oil would spike to new highs.

Well, when I see an announcement in the morning that oil from global reserves will be released, and then I see that oil, in the big scheme of things, held its own, it's a very, very bullish sign for the oil industry.

And this comes at a time when folks say the global economy is slowing. If the price of oil reverses direction and heads higher after the announcement to release global reserves, "Katie, bar the door."