next few days will be critical to my view of oil price
ive held the view chinese were likely part of the selling - as a warning to the US not to raise rates.
so next few nights will tell if that was much og a driver of the falls or not. i wouldnt be surprised for tonight to be a nothing night - whichever way oil is trending. its been a nasty few days and there's mild USD relief in the price today.
but what i do think though is that glencore and trafigura are probably getting into real pain territory on their long brent positions - and i think the double bottom scenario occcurs where those traders capitulate
i dont think theres upside to the oil price beyond $50 - they thought it would go to $60-65.
so i think another washout of production in the states is needed
STO Price at posting:
$4.49 Sentiment: Sell Disclosure: Held
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