RE:RE:Dead Cat Bounce😼masfortuna wrote: Nope...It ok to be wrong 50% of the time I guess.
oil plays are up on fake opec news. they report oil consumption to increase over the next 20 years to 110M barrels per day, totaly the opposite of the eia report a few weeks ago where they said oil consumption is in decline. also the report today from saudi aramco trying to talk prices up. this is what the saudis do when they are worried about the price of oil, it is always good for a temporary bounce.
KUALA LUMPUR (Reuters) - Saudi Aramco (TADAWUL:) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday.
But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.
"Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company.