Will Global turmoil weaken Oil to Below $60?
I believe that Crude Oil is in the midst of a massive directional change with the Saudi/Iran and foreign demand issues playing a major role in pricing. I believe Iran and Saudi will continue to produce as much as possible over the next few years as capital requirements demand that cash is more important than oil and this may drive oil prices below $56~58 ppb very quickly. Ultimately, we could see $50~52 ppb before this all ends.
Watch the US Dollar and the production levels and reserve levels of all nations. Headed into the Winter months, I believe we could see another massive price breakdown in Oil soon.
Watch the US Dollar and the production levels and reserve levels of all nations. Headed into the Winter months, I believe we could see another massive price breakdown in Oil soon.
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