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Published on Oct 10, 2016
The
WTI Crude Oil market rallied rather significantly during the day on
Monday as Vladimir Putin suggested that the Russians were willing to
perhaps cut back on oil production in order to help OPEC’s bid to raise
prices of petroleum around the world. With this being the case, we have
seen quite a bit of resistance above being broken, and with this I feel
that it is likely to continue to break out to the upside. I think that
short-term pullbacks will continue to be buying opportunities. At this
point, I don’t really have a scenario in which a willing to sell this
market until we get below the $49 level, and even then I think there
would be quite a bit of volatility.
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