Oil prices fell toward $100 Thursday, pulled lower by strength in the U.S. dollar, soft global energy demand, and a report Saudi Arabia has no plans to cut output despite OPEC's agreement this week to trim supply.
The losses were tempered somewhat by intensifying disruptions caused by Hurricane Ike, which paralyzed a quarter of U.S. crude oil production and more than 16 percent of its refining capacity.
As the selling pressure in oil continues, is there any way for you to trade it one way or the other?
Yes, exclaims Jeff Macke on CNBC’s Closing Bell. By ignoring the large scale fundamental anaylsis and recognizing the chart for oil is... broken!
To trade fundamentals Macke thinks you need an information edge; that is, a take that other people don’t have. And he doesn't think that exists in oil.