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I hope your right Jan, but this time round I'm not sure they are going to jump back in to a long position just yet, its all pointing to a massively over supplied market now unless the Saudi's turn down supply as no one else will !

Brent bounced off 69.8 in August but this time the longs are sitting on the fence waiting for a buy signal ! But now with Trump poker playing and making Saudi and Russia dance to his tune will they retaliate

Here go's $70 ! Stops should kick in and push it down quickly to around $68 looking at it. Saudi and Russia are behind this fast drop probably both shorting the market ! How low will they drop it is the question now !

Evening DD, I did read that article yesterday but can you really take the Fool seriously?
It seems everything is against oil at the moment, unless we have a some sort of event that takes about 1m barrels off the market immediately then I can’t see the price holding $70 for much longer.
Trump has got what he wanted ! And possibly the breakup of Opec!

https://www.dlacalle.com/en/oil-price-roundtrip-a-headache-for-opec/

So are we back to the days of OPEC v Shale ! Could very well be last man standing this time

Everyone out for themselves again is the worst thing that could happen to this very fragile oil market, all that work over the last 2 years ruined in a month. I bet China is laughing now ! Trump gets cheep fuel but also might get a few large shale companies falling down the plug hole dragging some lenders with them ! Shale deserves it to be quite honest ! They moaned about low prices and told opec to cut but then take the market share and then raise production to record levels ! Shale may have to be the controlling producer shortly !

The oil chart now resembles 2014 crash ! This is ridiculous!

So officially now, 9th conservative day of oil closing in the red, down 21% since peak price ! The chart now resembles 2014 crash !

https://www.wsj.com/articles/saudi-arabia-opecs-anchor-ponders-a-future-without-the-cartel-1541703893?mod=mktw

Saudi now looking at a Opec breakup! Ffs .. Everyone out for themselves now, looking like a repeat of 2014 looming. How the hell have we gone from $100 oil forecast to this in 5 weeks ? I wish I’d walked away in September sold everything and not looked back ! Sick to the back teeth of oil now.

WTF ! Saudi now on about a Opec breakup! Anything else to push oil back into the $60’s

Pmo now showing signs of breaking out ! Volume rising with investors jumping back in after the China’s import figures this morning! Record imports month after month.

Looks like this will break shortly, next push upwards to 117

This is going to get nasty ! Market now about a million barrels over supplied ! That's with Iran sanctions accounted for according to the FT !
Russia only willing to agree cuts if Saudi do, Opec not happy and one of there delegates told the media that both are to blame for the $15 drop in oil prices and they should reduce output by at least 1m barrels instantly and get back (to) Opec the $15/b loss they have caused.

Now Trump has moaned this afternoon again about Prices still too high and High oil prices are a TAX !
When Trumpet if we dont get higher oil prices so oil companies can pay back the debts from the low oil price years half will go bust and oil prices will be at £200/b

Dol03 shorts dropped off and now down to 1.01%

Giving you and DBNO (Twins) I think need to get yourselves a tent, a crystal ball, put on a old headscarf and put a sign outside the door with " £20 per bullshit reading" Your do better than trading stocks

We haven't reacted like the other mid cap oillies this morning ! Looks like if oil doesn't hold this morning gain we are going to take another bloody hammering. Why why why

So will Opec do a U-turn and remove supply from the market next month ? Looking as that’s the only option available to stop the market being oversupplied now !

So Opec now considering a U-turn on production and closing the taps again removing any excess supply from the market ! Opec meeting next month .