Granted the markets in the U.S. were closed for Memorial Day, the price of Crude Brent at $106 per barrel seems very high, especially in view of the improving warm weather and the huge stockpiles of Oil, both storage and strategic supplies. Couple this with what the Saudi Oil Chief, Sheikh Ali Al-Naimi emphasised a few weeks ago, "there is no rational reason for the price of crude to be so high".
Recently, chart readers will have noticed the price falling below the 200 day Moving Average, that coupled with all the above should mean the price heading south over the next few days and weeks.
I have no position in the market, but I sincerely hope that proves to be a fact, as otherwise the economies which are already in a slowdown will not have the help they need for a Recovery, and that would not auger well for the global economy as a whole. I pray that that scenario can be avoided.