Oil had no trouble falling through $45 this morning on a stronger dollar and concerns of a higher discount rate. $44 has been one of those arbiter pricing levels for future trend determination. Spikes off of $44 have been violent. $45.00 looks to be solid resistance to the upside. Below $44.00, look at the prior low in the region $43.05. Macro story still unchanged, markets understand that a mediocre American economy - albeit improving, isn't a panacea for global demand dynamics.
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Oil is grinding lower nicely this morning after a volatile morning. 44 held as resistance during Friday's NYMEX close, but has failed this morning. The next level to watch is prior regional low at 43.05.