Crude oil futures prices were lower Monday, as price action has also been choppy on the charts.

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The near-term price trend in crude oil futures remains up.

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Price late last week hint that crude oil futures prices may retest the August low.

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Crude oil futures prices were trading modestly higher Wednesday afternoon, as price action has also been choppy on the charts.

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The only clear examples where prices were not lower six months after the initial price spike all predate an active crude oil futures market: the Arab oil embargo, Iranian Revolution, and Iran-Iraq wars.

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Price action Thursday and early Friday now hints crude oil futures prices will retest the August low, or below.

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With crude oil futures markets typically in contango, the funds tend to lose ground to the spot price every time they roll-forward expiring contracts.

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