Dropping oil price

[saju 0]

Dropping oil price is giving me hard time.. when the price was at 50$ I buy a decent quantity by thinking that the price will not go further down. But now the situation and trends are like it can go even to 35$. Is it true?

[Texxon Oil 0]

Texxon Oil ist ein US-amerikanisches Unternehmen, das auf die Entwicklung und Produktion neuer Öl- und Gasfelder spezialisiert ist.

[Illurion + 894]

On 12/23/2018 at 1:17 AM, saju said:

Dropping oil price is giving me hard time.. when the price was at 50$ I buy a decent quantity by thinking that the price will not go further down. But now the situation and trends are like it can go even to 35$. Is it true?

You did not mention whether Brent or WTI.

 

WTI seems to be holding at around $45.40 for now.

Brent at around $54.00.

The OPEC cuts,  small thought they are,  are supposed to take place before the end of January.

OPEC is somewhat fractured,  and it is anyones guess as to whether those who agreed to cuts will actually make them.

 

If the cuts are not actually made,  or not made to the extent promised,   prices could drop further.

If the cuts are made,  it may not make any difference as they are so small.

 

But there is no consensus for what will happen at this time,  other than a group of 32 "finance experts",  who announced to the media the other day that they expect prices to rise by about $15.00 per barrel across the board.

BUT,   their "expected prices"  look more like wishful thinking to me.

 

But then what do i know.