Oil Market Nears Breakout Point

Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to the current situation in crude oil as a Bermuda Triangle because of the region’s notoriety as a sort of black hole where vessels and aircraft disappear without a trace.

In the case of oil, the disappearance…