Oil bulls counting on OPEC, but bears still bite

T

he oil bulls, apparently gluttons for punishment, have reared their heads, convinced they can mount an aggressive charge.

Silly bulls, say the oil bears, who cast aside the bulls' belief that OPEC's March 15 meeting and likely additional production cut will put a floor under oil's price. Oil traded late Monday afternoon up $1.77 to $47.29 per barrel.