I remain bearish on OIL in the short term, price went massively way too high and current easing of output cuts should lead to correction.
Some countries are entering again into lockdowns due to Delta Covid Variants, mainly in SouthEast Asia, and IRAN seems close to a deal with EU, USA.
Furthermore President Biden has allowed the release of 84 million barrels of the SPR to counter effect the unstoppable rising prices due to alleged oil shortages.
The higher they go, the more chances to revive the US Shale industry...
Let's see where the prices go from OPEC's decision. I think 77 should be the ceiling of the rally otherwise massive inflation and further decisions will be taken.
Cheers fellow traders.
Some countries are entering again into lockdowns due to Delta Covid Variants, mainly in SouthEast Asia, and IRAN seems close to a deal with EU, USA.
Furthermore President Biden has allowed the release of 84 million barrels of the SPR to counter effect the unstoppable rising prices due to alleged oil shortages.
The higher they go, the more chances to revive the US Shale industry...
Let's see where the prices go from OPEC's decision. I think 77 should be the ceiling of the rally otherwise massive inflation and further decisions will be taken.
Cheers fellow traders.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.