RE:And here's the new range:To be more clear, it is not really as much as a range, but thresholds of price levels that goverrnments are happy/unhappy with.
The Saudis will act to keep prices higher when below $100.
The Biden admin will allow it to go down to $80 then start buying.
If they follow through with this, there is a floor of $80, as both sides take actions that will support prices.
On the upside, there is very little Biden can do anymore to try to bring it lower. He's out of bullets.
Bullish.