Yet another perfect storm is setting up in the oil patch adding additional downward pressure on WTI Crude oil.
As we head into the weekend the price of crude oil is basically unchanged hovering just above the near term support of 50.58 (7/715).
Emerging Money Daily Audio Call March 3 -On the call today we discuss volatility rising in global markets today is as much about over-bought conditions as it is about growth fears.
Brent up another 3% today. Not only did the market over-react on U.S. oil supply issues not a demand based fall in prices that people that only now are some grudgingly admitting but on the downside.
We wait for a peace deal that may not come but the Market Vectors Russian ETF (RSX, quote) continues to move higher as the Ruble is rallying under higher oil and at least the body language of all sides talking towards a positive end game.
“Ride my see saw, take this place on this trip just for me”
Fast forward 1 week and here is the chart today, one week later and 23% higher. Underlying equities have also rallied.
The spot price of crude oil pushed higher in the news of Saudia Arabia King Abdullah’s passing. The bulls are speculating on a shift in Saudia Arabia’s policy of letting crude prices to fall.
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