Oil Market at War

 Posted by at 4:18 PM  FX Market
Mar 082020
 

Saudi Arabia announced an all-out-war in the oil market and vowed to return to the tap and produce even more oil. For Saudi Arabia, they want to inflict pain on Russia. For Russia, this action would help take down American shale industry that has been a problem to the supply glut since 2014.

We will now be seeing cheaper oil prices. Analysts are seeing 26, a historical low around 2016.

The picture is very clear right now that it will take quite a while and a whole lot of effort for oil to go back to year-highs.

Trader H

TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.

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