Oil trades choppy, sideways; more of same likely

The Nymex crude oil futures market has seen very choppy and sideways trading the past two months, which suggests more of the same for at least the near term. My bias is that crude prices will chop in a range between $92 and $114 for at least the next few weeks. Crude prices are still historically elevated, which remains a bullish element for the entire raw commodity sector. Stay tuned! —Jim Wyckoff