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Repeating Old Phrases: Oil Prices Edge Lower On Economic Concerns, But Geopolitics Support

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Oil prices declined on Friday, with Brent slipping away from the $70 mark reached the previous day, but both main contracts were set for weekly gains due to mounting geopolitical risks.  U.S. West Texas Intermediate (WTI) crude fell 4 cents a barrel to $62.06, having hit their highest since Nov. 7 on Wednesday at $62.99. Weighing on prices are concerns that an economic slowdown could dent fuel consumption. “At the heart of this late retreat in oil prices were lingering trade jitters,” said Stephen Brennock of oil brokerage PVM. The United States and China, the world’s two biggest oil consumers, could be close to ending their trade dispute though some hurdles remain. The Organization of the Petroleum Exporting Countries and producer allies such as Russia agreed to cut output by 1.2 million barrels per day (bpd) this year to prop up prices.

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Not at my gas station...

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These investors, speculators are a bunch of crooks. They need to be regulated so they dont pull this race with price. Lower the prices already...

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Yesterday were Iran, China, today are Libya,  Yemen, and OPEC tomorow will be something third.... Oil prices are low? C'mon.... 

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So we have "great" US-China trade deal coming "soon" and positive announcements last night, yet crude oil is too high...

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I mentioned a few times already in the last month or 2 that I expect (guesstimate) oil prices to overshoot my personal Goldilocks target of $70 Brent by Summer, head toward $80, and then pull back again.  Still for an overall average in the $70 range for the whole year.

But your own guesstimate is as good as mine.

Carry on.

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Vicious circle.... " Jet Airways has delayed payments to pilots, suppliers and lessors for months & defaulted on loans after racking up more than $1 billion in debt. The airline blamed its problems on high oil prices...."

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