A little more lower for Crude Oil prices

WTI Crude is ‘looseley’ trading 15% below the price it saw on the first trading day following Hamas’ attack on Israel.

And Brent Crude is doing a similar thing.

While my previous writings have re-iterated the peril of ‘trading the headlines’, for those euphoric and momentum buyers of Crude Oil are wearing some pain.

An announced OPEC+ production cut has provided oil price with any interim support. Possibly another headline traded by many.

I’m looking for a WTI Crude price to visit the $70 mark before possible buy orders are placed.

While that is 5% below the current $73.70 price, it could see that level within the next 10 days.

December 4, 2023

by Rob Zdravevski

rob@karriasset.com.au