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This is a more realistic price. $28.2
https://www.investing.com/commodities/brent-oil

If you look it's usually the pi driven stocks that eagerly move up when pumped for no reason.
BP is actually dropping which should tell you what the big boys are doing. They know the situation is bad and getting out.

This is just a pump before the unemployment figures from the US this afternoon. Watch them pull the rug later on.

Not sure why people suddenly start thinking it's gonna fly. The sp has gone up 300% over the last 3 weeks on the back of an oil price recovery. That hasn't happened so it's likely to drop down again due to the higher risk.

The US unemployment data is due today so could be a shock again.

US Unemployment claims data tomorrow will be telling. If it's more than the forecasted 5.35m then it will be red markets again.

Lol rd12, You must have gone long at 17p if you are ramping now. Perhaps you haven't seen the IEA oil inventory report showing a build up of 19.15m barrels which is mich more than expected. Expect 10p very soon.

But is it wise to hold when the situation clearly looks like it will get worse before getting better? Usually when an sp is sliding it's better to sell and then be able to buy back at a lower price. Even a few pennies makes a difference.

They will have to arrange another meeting if the POO doesn't rise in May when the cuts start. I'm wondering why they didn't implement the cuts immediately but are instead still pumping at a record level. Why cause downwards pressure like this?

I suspect even with higher cuts the POO will still face downwards pressure since alot of the oil price is driven by speculators rather than actual buyers. They will push the price one way or the other based on various bits of 'economic data'.

If you look at the long term chart the recent rally topping out at 29p still keeps it in a downtrend. Even 8p might look expensive in a few weeks if economic data is bad.
OPEC was forced into a deal by the US but I bet they are laughing their asses off when oil still fell. They don't want US shale to survive so will want POO to be low for more than just 1 month. How on earth did people fall for the news pieces claiming the Saudis can't survive. Wake up guys!! If we can tough out a few months of lockdown without working then I'm pretty sure a rich oil country like SA can last a bit longer than that.

Even before the OPEC meeting GS were saying it won't make much difference and they were right. What pi's don't understand is the big boys move the markets and GS has them as their clients. If they are saying it's gonna be bad then perhaps it would be better for pi's to go into cash instead of going under.

The bad news hasn't even started yet and oil is already heading towards sub $25 again. Let's see if TLW holds 15p this week. If it doesn't then there will still be sellers right down to 8p.

Looks like a rough time for oilies this week. It's obvious people weren't fooled by the US promise of cuts and the strange idea that the Arab countries will make 'additional' cuts outside the OPEC deal. Why on earth would they?
More bad economic data is coming for sure so a test of $25 is likely.

This looks like it's heading for the next leg down over the next few days. The economic indicators will push the markets down imo after the rather lacklustre response to the OPEC deal. The lockdowns have put many out of jobs and retail sales are at an all time low.

Keep an eye out for the indicators here:
http://www.forexfactory.com/

Lol at dampers getting abusive. You guys need to wake and look at what's happening around the world. Sticking your head in the sand won't help you make money. You missed the top because your targets are pie in the sky.

Those with a decent profit should be locking in Gains or risk losing. The sp will likely be sub-20p this week if not today imo.
Economic data will push markets down especially when many countries are extending lockdowns and the virus is about to spread like wildfire in India.

Some are sitting on a 300% gain right now so this could go a lot lower over the next couple of weeks if negative news hits the markets. Watch the jobs and sales figures later this week.
Don't get sucked in by the rampers.

If oil price is below 31p then prepare for a dive in the morning as those with a 200%+ gain take profit. As it stands, Brent looks like it's in a slow downwards trend again.

Now that the oil news is out the weekly figures for unemployment, trade, etc will be the drivers. Any shocks and we will see a sell-off.

Here's good site to keep an eye out for market affecting reports..
https://www.forexfactory.com/#graph=114249

Most oil stocks will be hammered tomorrow if POO keeps going down after the OPEC official announcement.

Love how some think an 'official' statement will boost the oil price. The news is already known to the market so don't hold your breath. Remember POO moves at the whiff of news as happened when Trump originally tweeted about a deal.

Prepare to sell quick in the morning imo.

Of course 9.7m was below expectations. The markets see the non-opec cuts as unenforceable so POO will go down. Could break down below $20 if other news during the week is bad.