“Oil inventories suddenly giving oil a not so quiet boost!”
An unexpected draw down in oil inventories today, sees oil rally almost to $60
… now all oil needs is a China trade deal [cough, bullshit, cough] and its “to the
moon Alice”! … until something comes up, like OPEC, which could derail the
new found bullishness.
As I’ve said recently, until these major unknowns get cleared up, among them,
1) OPEC production cuts [maybe, maybe not], 2) China trade deal, even though
it’s a scam to begin with, and 3) global growth that is free falling and can it
stabilize?, and 4) is there gonna be a war with Iran? So, looks to me like chop
city, and I’d be surprised to see oil go much higher from here, unless hostilities
break out in the middle east.
Until tomorrow mi amigos … Onward & Upward!
Have a great day everybody!
-vegas
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