Yup. Didn't hold positive territory. $55 now the resistance. Starting to think even "if" China deal signed one has to sell on any bump up. Won't last.

(edited)

Both Iran and Venezuela exports drying up. 

Iran down to 300k bbls day.  Half allowed and half going out as Iraqi oil.  

Will have to wait to see if has any effect. Lot of Iranian oil "on the water"  from before waivers ended.  Need to wait about 30 days to see.

Even China has stopped placing orders for Iranian oil. 

OPEC+  meeting put off to July.  They will agree to extend with some kind of accommodation for Russia.

Maybe trades in range $50 to $55 for while.  Tuff to call. 

Long term . . .  Too Much Oil Supply.

Edited by Falcon

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Tomorrow we will see another oil inventory rise in the US. Therefore prices will come down again. Simply because global oil demand is at risk. OPEC needs prices above 50....55.....60, so what? First the inventory has te drop. Therefore deeper production cuts needed, and no escalation between China and US. Each time you see a sudden increase in oil price, a few days later this increase is wiped out.

Traders are looking to sell short, why go long now? Please tell me. Gasoline season should reduce oil stocks, but they are increasing!!!

Below 50 USD I would slowly buy for 2020/2021. It will take some month's to see prices above 60-ies.

So yes I agree with your point of view

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