OPEC cuts mean diddly-squat to Oil tradersWell it looks like OPEC cut in production will hardly affect the price of Oil but I feel that this is the old "Finally got my foot in the door" mentality. This small cut in production will lead to more cuts as they will argue that this first cut didn't affect the price of Oil or cause a disruption in production causing tighter supply issues. What will happen now will be that every time that the economy proves that Oil demand is weakening you'll see OPEC coming in to make other cuts to production to stabilize the price of Oil will be there argument but its really just a way to keep Oil prices from heading to $75 by years end which I feel is a very realistic goal and one that I have been firm about since June. The real fact about how this cut is affecting Oil prices will come when the US traders are all back to trading come Tuesday. That's the other thing, Sept always sees all the traders back in full force after summer vacation ends, and everyone is back to work and school so there's usually a pickup in volume in stocks, and Sept to Nov has always been the 2 months where we see sell-offs in the markets so use caution and always run live Oil when trading. JMHO
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