Looking at the fundamentals surrounding oil can be difficult. Instead, I rely on the charts, which show that oil is at a critical level right now.
All eyes are on the trade war waging between the U.S. and China, but there’s an even bigger crisis brewing in the Middle East that’s going to hit your wall in way we haven’t seen since 2008.
Oil demand isn’t going away anytime soon. In fact, it’s growing. And producers have to find those additional supplies somewhere.
When prices become unaffordable, they’ll come down. And this week, traders got another reason to second-guess the world’s appetite for high-priced crude oil.
In November 2016, OPEC announced cuts to oil production. Now, a year and a half after the production cuts, the organization has accomplished its goal.
America is the world’s premier energy producer. Natural gas and oil production is up 60% since 2008. This boom in energy is offering opportunities … and obstacles.
The room was unanimous on that point. They didn’t want to hear about oil. Yet in the face of all those commonly held beliefs, the price of oil rallied.
Some see oil prices continuing to climb throughout 2018. That may be the case by the end of the year, but for now, oil prices are set to take a dip lower.