WTI traded sub $90 bbl last night, closing at $89.90. Looks to...

WTI traded sub $90 bbl last night, closing at $89.90. Looks to be about $90.50 atm.

So the earlier data suggesting sub $92.50 trading is heading for WTI pricing of $85 is looking likely.

Sure Greece and Europe recession are cramping oil price. So too is the "Grexit" which puts US$ back into spotlight - strength in US$ lowers commodity prices.

Immediate news (next 24-48 hrs?) would be meetings with Iran re nuclear policy and European embargo to start Jul 1.
http://security.blogs.cnn.com/2012/05/23/as-sanctions-tighten-iran-gets-squeezed/

If embargo is lifted that will add further supply into the market and will cramp oil price. Possible spike downwards to $75????


Contrast that to the "Economics" of producing oil at $85 and below and we'll see how long that lasts.


Probably a "traders' market for a bit - not real good at the TA stuff and gaps fills etc. The most obvious short term thing I see on a chart is the downtrend of oil.

MAD held up well yesterday. Lets see what today brings.