WTI CrudeOil pulls back to test the crucial $75 level.
which sits right around the $82 level, and he is dropping. The $80 level of course offers resistance, and the simple fact that global markets are starting to price in the idea of a slowdown should continue to weigh upon oil consumption and oil demand as well. With demand dropping the way it has, it’ll be interesting to see what OPEC does next, because it’s only a matter of time before they start to lose their sense of humor.
It is thought that OPEC will probably try to cut production soon, but if there’s no demand, there’s not a whole lot the cartel can do about it. Furthermore, it appears that some of the bigger players jumping online may drive up demand down the road, but there is a bit of a lag time from China reopening to oil being in huge demand. Beyond that, every time we hear a story about China reopening, something happens to kill some of the enthusiasm.
On top of everything else, we are heading toward the new year and that means liquidity is going to start to dry up. In that scenario, anything can happen but quite frankly often nothing dies. In other words, we may be content to just kind of hang around this area that we’ve been in for a while, with a negative tilt.
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