OPEC cuts could rally Oil...Now that OPEC is getting a clearer look at the numbers it's looking like cuts will be on the table for their Jan meeting but if they come out ahead of the meeting giving guidance Oil could slowly work its way up so there is hope for Oil to reverse the trend and this trend has had continuous momentum falling from $93 hit Nov 4th to $71 this has been an extremely bearish trend and the odds of having a bullish driver coming in pushing Oil higher increase with time. This new situation of Oil tankers having delayed times is backing up Oil delivery even Russia commented on this themselves so this started with the cap creating a bottleneck delaying the delivery and this could tighten conditions if it worsens. Ukraine should buy $Bil in low-priced Oil stocks and then sabotage Russia's Oil pipeline after all Russia is after their Energy Infrastructure Oil would shoot up and Ukraine could fund the war. Next is the FED on Wed but Oil has calculated this in its price with the market looking for .75% if they came out with .50% that little bit would be bullish. I said from the beginning of the week that Oil would hit $70 and they did it Friday so we'll see if that's the bottom, for now, the one little bullish action was US traders running Oil back up $1 before exiting, traders usually start at 2 pm - 2:45 pm doing their closing purchases and you could see the volume pushing it back over $71 then for the remainder of the day the price limps around but on no serious volume.. SP are at their lowest this week and I was fairly confident that Oil would hit $70 so I waited to buy Friday the SP have been beaten up but these companies had a year of record revenues and they paid down debt and their balance sheets are excellent flush with cash so they are twice the company as they were last year so I had to buy shares Friday how could you pass it up and so what if you have to hold them for a week or so buying them this low at $70 Oil it's more than guaranteed that your shares price will be reached again so the risk has dropped as drastically as Oil's fall itself.
Optimism, Pessimism, and Realism OPEC Misses Production Quota By 310,000 Bpd | OilPrice.com
