Monday, the refinery strike headlines put a bid in oil following a few bullish premises from Friday.
On Friday, we came into trading oil with headlines stating that ISIS was thought to be once again trying to gain control of northern and eastern Iraqi oilfields. That, coupled with it being the last day of the month, caused oil to rally.
Many who trade the energy space on Wall Street think that even though oil appears to be forming a base there is still room to the downside. Inventory data is due out Wednesday and most think that it will show a large glut and once again send crude to lower levels.
But if oil hangs in and still moves higher I think the bears will have to admit defeat.