Crude oil prices have been in a selling mode for most of this week on a combination of the evolving situation in Greece, a sell-off in Chinese equities and the growing possibility of an Iranian nuclear deal. All three areas can potentially lead to the current oversupply of oil growing even further.
Crude oil prices are continuing the rally with the spot WTI contract currently breaching the three-week old technical range resistance level. This morning OPEC released their monthly oil assessment. They kept global oil demand the same as in last month’s forecast and said they do not see an increase in demand for OPEC crude.
Crude oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.
In this interview with The Energy Report, Angelos Damaskos explains why oil prices could reach $75 per barrel in the near future, and why companies making good money now will make much more on the upswing, with great benefits to shareholders.
In this interview with The Energy Report, Damaskos argues that current prices are dismal news for the majors, shale oil producers and the oil sands but underlines the advantage of investment in juniors with solid, long-term projects, of which he presents five.
The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros.
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.
When you draw fire from a recognized commentator in the energy field you expect the rebuttal to be logical and more importantly, properly researched. It was then with some surprise that we read Andrew McKillop’s article in yesterday’s edition of The Market Oracle.