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I only expect oil to go up at this point bc it apparently doesn't go down anymore, but if a bunch of OPEC comments can only get algos to juice this up $0.15...
After so many failures in the past, OPEC finally "performed" in 2017. Cuts thru 2018 are already priced in. Don't expect too much more positives from OPEC
WTI still remains overbought even after that correction to low 68's... Expecting some more drop. 1/3 order for long at 67.30. 2/3 at 66. Good Luck folks!
But. It was the construction of inventory before the last measurement. Oil prices caused this to be triggered by geopolitical turmoil. What about Russians who are angry with Saudi? What about the rates that rise in the US? Much uncertainty should be priced in a while. Production increases and soon Venezuela is back.
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