OPEC meeting 27th Nov should address this.. they should be looking for $100 per barrel so... there might be a bottom ahead of that and a rise into it.. but if they dont..it could react badly back down..
The main oversupply is in the US inventories so the spot price will react and probably will go lower, keep your eye on the 6 month and 12 month prices .
Compare these two graphs spot price v 6 month contracts
Note also we have had this sort of reaction 4 times in the last few years with sharp corrections back up on the previous 3. But there is definitely a slow trend of lowering tops happening. And the 6 month graph which takes out the noise of the spot price is showing a trend for over 12 months now.
The strong US dollar is a major reason for that as well.
