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Terranova: Oil Looks Like It's Bottoming

Oil rose above $86 a barrel on Tuesday, buoyed by better than expected manufacturing data in China and Europe as well as on-going turmoil in Libya.

What’s the trade?

Joe Terranova thinks oil is bottoming and will march higher on China demand and resilient demand from the US.

Trader Stephen Weiss is also bullish because of what he calls insatiable global demand. He thinks the bottom for WTI is $80 and the bottom for Brent is $100.

Trader Brian Kelly is also bullish. He thought oil should have traded lower on news that the civil war in Libya was nearing an end.





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Trader disclosure: On Aug 23rd 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (BAC); Finerman owns (BAC) ; Finerman owns (AAPL) ; Finerman owns (MSFT) ; Finerman owns (JPM) ; Finerman owns (FS); Finerman owns (FL)
; Terranova owns (VRTS) ; Terranova owns (CAT) ; Terranova owns (OXY); Terranova owns (CVI) ; Terranova owns (DAR) ; Terranova owns (AXP) ; Terranova owns (EMC) ; Terranova owns (ORCL) ; Terranova owns (WFM) ; Terranova owns (AMZN) ; Terranova owns (JPM) ; Terranova owns (FCX) ; Terranova owns (WFC) ; Terranova owns (AAPL) ; Terranova owns (IBM) ; Terranova owns (XOM); Kelly owns (JJC) ; Kelly owns (SLV) ; Kelly owns Euro; Weiss owns (JPM) ; Weiss owns (BTU) ; Weiss owns (NIHD) ; Weiss owns (UGL) ; Weiss owns (COP) ; Weiss owns (DVN) ; Weiss owns (QCOM) ; Weiss owns (NS) ; Weiss owns (ETP) ; Weiss owns (EUO)

For Mike Khouw:
**No disclosures

For Doug Kass
Kass owns (GLD)

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