Thursday, October 8, 2015

"WTI Crude Surges Back Above $49 After OPEC Comments"

We don't have much to say at the moment.
Oil has been in an uptrend since last Friday's rig count and, as noted in Tuesday's "Oil Prices Climb To Five-Week High" what matters now is: "The next question is where is the top of the new range?"
WTI $49.49 up $1.68.
From ZeroHedge:
WTI Crude has recovered the losses following yesterday's DOE-reported inventory and production rise as it appears comments from OPEC Secretary-General Al-Badri told The IMF that demand will climb more this year than previously projected (coming on the heels of EIA's comments that oil companies worldwide will cut investments in oil exploration and production by a record 20 percent this year.) USD weakness is also helping drive algos to run stops in crude....MORE