Can Oil Test $100 Again?

Oil has rebounded into the $90's after establishing a solid value area in the high $80's. It seemed like prices were finally coming down, when we saw a nice spike back to the $90's, reestablishing value above $92.03. We are currently testing $95.24, but a red triangle on the KRI may indicate that we are running into resistance. If we can break through then the next target is $96.88. After that, we are clear to attempt the $100's again. If we reject current levels, we should see support at the base of the $90 handle.