Media at it again. Saudi strike and price of oil falls over a cliff. That’s what the media said. But only the media are buying the story and of course oil companies also as it is an excuse to hike petrol prices.
Let’s look at the chart and find the truth:
CL-SpotV:
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Light Crude Oil (CL-SpotV:NYMX): Daily Line Chart
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Light Crude Oil (CL-SpotV:NYMX): Weekly Line Chart
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Light Crude Oil (CL-SpotV:NYMX): Monthly Line Chart
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A Well. The daily spiked on the news and now is clawing back. That is down. So no panic here.
The weekly is unphased and continues sideways in an abc pattern.
The monthly says, if anything, the price is heading south.
Expect to see more shenanigans about oil in the coming months as producers know the world will demand less.
They will do anything to push price up.
Even a bit of war.
Enjoy the ride
Tom Scollon
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