No reason for Oil to rally, OPECOil recovered from $73 when OPEC started to rumble about cuts so it has made a $7 move higher already if Oil stayed under $82 OPEC would be satisfied because they want $90 but there's no reason to give it to them, there's no slide ruler to figuring out the price of Oil vs demand, traders just trade what they feel is a fair price Oil certainly didn't stay in the $90+ after OPEC's last cut it went from $93 - $73 and its the traders who dictate the price regardless of the situations, Oil never rallied on US Oil Inventory numbers huge draw either and all the hype about Dec rally has gotten old and instead of chasing Oil too much higher traders might just play it off and continue like this till the FED Rate Hike Dec 14th and that might take the shine off any rally anyways and realistically China can only cry wolf so many times before their promise of being cured fall on deaf ears. With every move Oil makes in this new environment traders are learning how to deal with this unique global condition that's unfolding and they're not as panicky as times were before starting in June when headlines caught every drop from $123. You're better off rolling the dice tonight on Oils movement overseas and any words from OPEC on changes or China giving more BS would rally Oil but the tops might be $87. It's always different waking up to Oil movements and that's why we trade so we'll see what hand we're dealt in the morning.
Optimism, Pessimism, and Realism