Oil Breaks Below $60

With oil breaking below the $60 barrier this morning, we thought we'd provide price charts of the commodity since 2000 and since this April. As shown in the first chart, even after oil's 60% decline since July, it still hasn't broken below its long-term uptrend line that started back in late 2001. With the speed and forcefulness of the declines in oil over the last couple of months, however, it shouldn't be long before this uptrend is at least tested.