Crude has rallied nearly 15 percent off early October’s lows, implying that the easing of gasoline prices in recent weeks may have run its course. That will probably hold true even if crude turns weak again, since oil prices always seem to rise much more easily than they fall. Regarding the intermediate-term trend, a clear signal looks imminent, since the December futures will either correct here in b-c fashion (see inset) or get second wind for a push above the September 27 high at 85.00. The latter scenario would create a bullish impulse leg on the daily chart — the first such bullish sign since August 31.
