Will Putin look like Chavez? Oil can change the world.Way too many people don't remember the 70s. Yea, yea Das Krümel is OG. We have seen embargos, wars, and the collapse of empires. While others have risen to rule.
How would I remove my opponents from the game, if I controlled the the price of Item needed to both survive... or play the game? The Saudis can dump enough oil to bankrupt Putin. At the same time they keep their opponents in the region from growing into larger problems. Also lets not forget if I control the flow, I can hedge at will.
Russia: needs to be broken, again (Reagan did this in the 80s by getting into weapons spending war) Hurt US but killed USSR.
Iran: must find its place at the table.. SA's table.
Regional Conflicts must be starved-out... or turned into glass!!
Unless I see new clouds of war, or death of a King, I will remain short.
OPEC crude production climbed in January to the highest level in Bloomberg data going back 20 years....
www.houmatoday.com
Saudi has no love or trust with Russia.
gulfnews.com
Saudiarabia
USOIL IDEAOil broke the bearish channel forming a new low around 27.50 $ after that it bounced hard and it's approaching to the channel support now resistance without any FA on it's favour.
We could see a perfect pullback to it or a break upside to recover the bearish channel.
Anyway nothing here changes the trend.
Happy Trading