The price
of Light Sweet Oil for January delivery has reached a low for today of 63.70
Dollars per barrel as shown on the 4 hour chart, but it has recovered some
loses at the moment. We may see a pullback to the 70.00 level, but the
commodity remains very weak due to over-production. Even though some members of
OPEC have asked Saudi Arabia to cut its production, the Saudis are not willing
to take the pain all alone and want other members to cut their production too.
That is why Saudi Arabia is not cutting its production yet and the price of
crude keeps dropping.
Indeed, it will likely reach 70.00.
ReplyDeleteand I don't think Saudi Arabia are going to cut their production
ReplyDeleteGood point, now I want to be watching developments.
ReplyDeleteLooks like a correction after the big tumble.
ReplyDeleteIt is a big disaster.
ReplyDeleteVery impressive!
ReplyDeleteIt seems like correction movement.
ReplyDeleteGood analysis.
ReplyDeleteVery nice article. Thank you.
ReplyDelete