I think the Nigerian militant group is long on Crude, so they engineered the "Oil bounces back". 
http://money.cnn.com/2008/04/25/markets/oil.ap/index.htm
Status:
Sold when there is a lower low near target and bought back at close on the support level, because wave :iv had completed 3 subwaves.
Strategy:
Wave :v should not be more than 140, 14, 28 points long, else it is a wave .iii:iii which is good for the Bulls.
Close ST long position when there is a lower low.
Close LT long position when wave :iii is invaded by the retracement.
http://money.cnn.com/2008/04/25/markets/oil.ap/index.htm
Status:
Sold when there is a lower low near target and bought back at close on the support level, because wave :iv had completed 3 subwaves.
Strategy:
Wave :v should not be more than 140, 14, 28 points long, else it is a wave .iii:iii which is good for the Bulls.
Close ST long position when there is a lower low.
Close LT long position when wave :iii is invaded by the retracement.
