Oil

Oil had traded over 60 briefly this morning..Has now backed off to 59.70. Will be interesting to see if it can establish a foothold over 60 in this afternoons session. Risk is that it fails again to hold at 60 and sells off. I think this is still reflected in the oil sector share prices. The sector is still wary of this 10 dollar move ( share prices have't pushed that much higher on it) in the last few weeks and may regard it as short term speculation on the back of some cold weather. I'm still looking at buying dips in the sector when oil pulls back. Would be wary of chasing the market at higher toppy levels when oil is so volatile and the outlook isn't that solid. Better play safe. You may not attend all the weddings but you won't attend all the funerals aswell.