WTI CrudeOil Continues to See Choppiness -
appetite of the world, and then of course the growth of economies, as crude oil is the “lifeblood” of any modern economy., and therefore I think what we have is a situation where the sellers will continue to jump into the marketplace anytime they get an opportunity.
The US dollar strengthening could of course put a bit of negativity in this market as well, so with that being the case is likely that we continue to see a bit of a drift lower. On the other hand, if we were to turn around a break above the $90 level, then it opens the possibility of a bigger move to the upside, but we would need to see economic growth and a loosening of monetary policy to facilitate that growth. I don’t think that this is a situation where crude oil is going to see much demand anytime soon, but we do have a longer-term structural issue that continues to put a little bit of a floor in the market.
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