OPEC crimping supply is curtains for the oil price
July 6, 2021 1 Comment
The sub-headlines in the overnight OPEC oil news read;
“Dispute between core members blocks deal to boost output”
“Coming days will determine whether the conflict will escalate”
I think OPEC’s disarray is NOT a positive for the oil price.
OPEC+’s abstinence of adding supply will see slack (supply) found elsewhere due to the lure of current oil prices and adds weight to my trading call of a temporary peak occurring soon as I wrote in last week’s post.
https://robzdravevski.com/2021/06/28/looking-for-interim-peak-in-crude-oil/
The price of Brent is likely to see a $1 or $2 spike in tonight’s (today’s) session, as the U.S. wakes up from its 4th July holiday break)….
which all coincides with marginal and futile Oil Price upgrades by broking firms to a measly $80.
and if you are establishing a new “long’ position here, you must wonder what last few percent are you trying to squeeze out?
July 6, 2021
by Rob Zdravevski
rob@karriasset.com.au
rob zdravevski's blog 
Last nights high was $77.82…before reversing 3.8% to close at $74.93. One day can’t prove the call but surely the trap was set for those believing those broker upgrades.