Oil at 110, not likely.
Oil looks like it finally reach its recent plato, it might not go further than 108.50 but if things change it could shoot up to 110, that is at least according to me. I doubt oil will stay at 108 – 110 for long.
Here is why:
All is not going well in China. The economy and everything along it that needs oil is on decline.
In Egypt things have not changed and the fears that the Strait of Hormuz will be shut is basically null.
In the US dollar is having a hard few days that might continue.