Russia says it may cut oil output up to 7% over price capFrom Dec 23rd, let's see if he still has the intent to cut production. Even if Putin came out saying that he`s seriously considering it Oil would rally before he even stopped saying the threat but if he follows through $90 Oil wouldn't be out of the question anyhow Oil could trade higher on anticipation alone, one would think during a week with no US data to trip Oil up with other than surplus and as long as it's not higher than the last reading the market is now used to it hoping that China and Asia's demand starts to really draw tightening the Oil market. $73 Oil seems at the low end moving forward. Nothing is ever for certainty but we try to stay one step ahead of what's driving Oil now and what will be driving it next week. There's nothing better than buying at the bottom and reducing risks and if Oil goes lower it won`t be below $71 not now, before when Oil hit $71 Dec 9th China wasn't in the equation so next support level was $73 the following low Jan 4th so support was heading higher and so far $73 held at the end of a horrible week of Decisions and Data and it hit $72.90 just tipping at $72 level but support held closing $73.40 and I can't see overseas driving it lower for us I see it up $ and after that horrible downer week for Oil next week will be green. We hope!
Optimisum, Pessimism and Realism Russia says it may cut oil output up to 7% over price cap | Reuters