Blue Line Futures' Bill Baruch Is Bullish On Crude Oil

On CNBC's "Futures Outlook," Bill Baruch of Blue Line Futures said crude oil is going higher because it managed to hold ground despite a big inventory build on Wednesday and a decrease in the S&P 500.

Baruch is a buyer of the February mini crude oil futures contract at $45.25. He wants to make $2,375 with this trade so his target price is $50. He would place a stop loss at $42 to try to limit a potential loss to $1,625.