Have Oil Prices Bottomed Out?

February closes with a per barrel price close to $45
Crude oil prices might be back to a mid term bull market, says an Australian analyst. February showed significant price variations from one day to the other and the American variety [WTI] climbed 10%, increasing from $40.78 to $44.76 per barrel.

Minimum prices for a barrel of crude oil, since the peak in July of 2008, may have happened before Christmas of 2008, according Anthony Eriksen, an analyst for TheOilDrum. Eriksen is a Canadian mathematician located in Sydney, Australia, where he specializes in energy and mining investments.

The conclusion that can be made is that the price of a barrel might be back to a mid term bull trend, after a fall from $145 to less than $50 in the span of only six months last year.

The Oil Drum