OPEC+ Considers Production HikeOPEC just put into effect their production cuts and 3 weeks later they are talking about a 1/2Mil bpd increase while Oil is trading low at $80 which is a 180 from them last month when cuts were about shoring up Oil and OPEC was targeting $90 well that didn't work or could the increase rumored be to keep Biden cooler about NOPEC because adding production is the wrong thing to do if you're shooting for $90 Oil and Goldman Sachs slashes Oil forecast by $10 to $100, I think that they might be one of the very few houses who continue to give forecasts for Oil, 80% of them can't figure it out. So we trade in the $80+ going forward and not $90+ we still make money unless there's a global happening that sends Oil higher and Russia could be the cause by shutting down Oil production when the G7 enforces capping Russia's Oil other than that Oil is extremely Bearish until China is COVID-free or the Global economy turns bullish but bouncing off $75 was the move of the day a $5 move and Oil is back to the start, nice recovery. Hopefully, the traders have rid themselves of the excitement of driving Oil down to $75, after over a week of Oil selling off the markets have to turn positive and if there's going to be a volatile day it'll be Wed due to US Data and US holiday Thursday could see Oil making some powerful moves. Hope for the best and prepare for the worse.
Goldman Sachs Slashes Oil Price Forecast By $10 | OilPrice.com Oil Prices Plunge As OPEC+ Considers Production Hike | OilPrice.com