Oil PricesI dont think anyone can predict oil prices so I dont attempt too.
But I think a person can somewhat predict price swings if certain events happen.
Scenario 1. Saudi and OPEC do status quo and saudi and russia extend present cuts to end of q1 2024. At best I think this could take oil is to 80 but risk it even drops oil prices.
Nov 30 is just going to be so wild lol.
Scenario 2. Saudi and rest OPEc agree to new cuts. Short term wild spike up but within a month people would be questioning how bad demand is for them to do this and oil woild be under 80 again.
Likely isnt any great option hence the meeting has been delayed 4 days.
The speculators seem to be signaling they want further cuts to take this higher.
Net long postions have been down at least 3 weeks in a row.
Thats why I think status quo wont do much as lots of bull oil spec have left.