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Pro Traders: Where’s the Oil Bottom?

The price of oil is again a major topic of conversation on the floor with traders unsure where it will bottom.

After the Arab Spring triggered a sharp climb earlier in the year, oil slipped to 4-month lows this week.

With geo-political tensions easing, energy investors hit the sell button on fears that signs of inflation in China will force Beijing to hit the brakes, even harder.

Also, there’s the nagging concern about the financial woes of Europe.

The fear is that a Greek default on its debt could seriously impact other European nations with debt problems, like Spain, Portugal and Ireland. Europe consumes about 18 percent of the world's oil, and oil demand would likely drop if Europe's economy stalls.

"The market is sort of paralyzed until we find out what happens with Greece and the possibility of contagion," says Richard Ilczyszyn, senior market strategist at Lind-Waldock.

However, in a live interview on CNBC's Fast Money, Daniel Fisher of MBF thinks declines will be short lived and says the bottom is probably around $92.

Largely he's making a technical call with $92 look like a strong area of support. Get all the details. Watch the video now!





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Trader disclosure: On June 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (NUE); Adami Owns (MSFT); Adami Owns (BTU); Finerman Own (AAPL); Finerman Owns (BAC); Cortes owns (GOOG); Cortes owns (SVU); Cortes owns (MS); Cortes owns (GS)
Cortes owns (RIMM); Cortes is short the Nikkei; Cortes is short the Euro; Cortes is short the Australian Dollar; Cortes is short Silver; Cortes is short (BIDU); Cortes is short Corn
Cortes is short Natural Gas

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