The OPEC Supply Cut Effect will push the price = $110
My bias,the market was overall bearish before the change in trends as a result of the double bottom chart pattern at around the .0 Fib level.
The latest cut of crude supply to the global market by opec will bring a rise in oil price up to 1500 Pips,ie price from current to $97 and a brief pull back before rising to $10. The would likely play out as sanctions on Russia oil left most market with lesser choice but to compete in purchase with the limited oil supply. Tell your oil producing countries to get ready for this price surge vice versa.
The latest cut of crude supply to the global market by opec will bring a rise in oil price up to 1500 Pips,ie price from current to $97 and a brief pull back before rising to $10. The would likely play out as sanctions on Russia oil left most market with lesser choice but to compete in purchase with the limited oil supply. Tell your oil producing countries to get ready for this price surge vice versa.
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