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You say ‘the powers that be’ battered oil in front of the elections, but I’ve also read that the Saudi’s wanted to put the fracking companies under pressure or out of business by getting oil under a certain level for a period of time. And under $70 would make the lot of them uneconomic. I wonder how much traction oil has here?
How much traction? Lots! As soon as the Naked Shale Oil Emperor gets called out, which should be “any minute now”, oil is going to go on a Terrible Terror Tear.
That doesn’t really stand up to common sense logic. If you have a finite resource why would you artificially lower the price? Keep the price high and you and the fracking companies will both enjoy the high prices for as long as your supply of oil lasts.
I think the more logical answer is that it was a combination of two things. A higher dollar and probably an agreement with Washington to hold prices down ahead of the elections.
OPEC has a meeting on Thursday November 27th.
Guess what day that is…. Thanksgiving,
Guess if US markets are open or closed..
Any thoughts on what oil might do after the OPEC meeting? The consensus seems to be that they won’t cut production, or if they do it won’t be by much.
I guess down again … therefore conspiracies regarding Washington holding down oil for re-election purposes goes right down the drain