Oil had already been rejected at the 1.618 fib

Oil is at the highly significant 1.618 fib retracement which coincides with a trendline resistance. Current global conditions are highly unfavourable for oil prices due to political and economics factors. There is tension both internally as well as externally within opec countries and this is on top of the recession that has left a permanent damage on oil demand. Higher oil prices negatively impact global recovery and further price increases will likely be met with great downwards selling pressure from oil importing countries.