After a brief spike above $118 in yesterday's special session, oil took a steep drop today as low as $110 as hurricane Gustav was not as damaging to oil production as previously feared. So while the forecast of an early week gain came to fruition yesterday, today's decline came unexpectedly soon. The rest of week should see prices remain well below last week's levels of $115. Given today's trading, I would not be surprised to see $105 at some point over the next week.
We may have to wait for the end of next week for prices to turn upward.
