The Energy Space
Energy Price Outlook
Oil prices in both WTI and Brent broke below key support from consolidation patterns and key moving averages yesterday, which turned the trend to the downside. There may also have been continued pressure from those involved in Monday's liquidation as well as Tuesday's statement by Saudi Arabia that $100/bbl Brent was an ideal price. An outsized build in crude oil inventories kept the selloff going yesterday, but the question now will become where it will end. Given that it is appearing as though the selloff began because of one fund or group of funds, the answer to when it will end may be found in the same place. Continued pressure doesn't make much sense in light of the threats in the Middle East and the potential that Saudi Arabia could begin "talking up" prices if they continue decline....1144 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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