From: The Economic Times
"Oil market still has a deficit of 800,000 barrels a day"
Jonathan Barratt, AyersAlliance
"Post OPEC meet, we are all a bit confused just what was happening. Russia said there was about a million barrels a day increase in production. It was interesting to see that Russia actually came out and put a number on it. The interesting thing to me about what has happened was that the price of oil went up. Now, why did it go up as a result of an agreement to increase production is something that we are analysing at the moment."
Crude 3 month chart
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Crude 1 year chart below
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Crude 5 year chart below
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Crude 10 year chart below
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Wow! Each chart tells you something much different about crude oil.......or at least provides more(wider) perspective
The rally in WTIC on Friday was not real. The open interest dropped by well over $30K and indicative of a short covering rally. The Shorts could not push the market down any more so they covered and will try again. We are going to Sub $60 in oil before year end, but have no fear, the bull is not dead and will come back in force later.