“Sometimes, everything is patently obvious isn’t it!?”
Round up the usual suspects for a move in oil today … oil inventories [2 of ‘em],
and Spicoli over at the FED … and Bingo, Bango, BOOM!, oil spurts pre OPEC
meeting this upcoming weekend. Quite frankly, oil inventories is like playing
roulette in Las Vegas … feast or famine, usually famine, but there are Tuesday
late afternoons and Wednesday mornings that zing the market.
Still, though, unless OPEC can seal the deal with production cuts that are real, the
$60 level is gonna be hard to crack with conviction … the world economies aren’t
getting any better, so it’s tough to see where oil demand goes higher in the short
run without corresponding economic numbers that show any growth … so far, we
haven’t seen any.
Until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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