Gartman: Oil Rally Over, Likely to Settle Around $60


As gasoline prices get closer to the point where consumers will stop buying, the corresponding rally in oil is probably over, commodities analyst Dennis Gartman told CNBC.

Gartman, editor of the Gartman Letter, said "egregious levels" of inventory also will pressure oil prices lower and they probably will settle in the $60 range, though there could be a short-lived spike to $80.

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