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Quotes from the news wire:
Technically the market is gearing up for WTI to go above $50 a barrel and it's intriguing on where it goes from there, i think the cap is not too far above that level - the world is still awash with oil even if it's off the peaks.
– Le Brun
A strong U.S. economy is good for oil consumption and demand.
It looks at this stage as if it (oil) has formed a little bit of a bottom and perhaps we're going to see a sustained price in the $30s, maybe trending back up to $40 dollars at some point.
A lot of traders are keeping their powder dry in front of non-farm payroll data - it's the No.1 (indicator) in terms of crude consumers, investors are a little more confident we've seen a bottom in oil (prices).
Short-covering has led to a little bit of a rally.
There's been a little bit of up and down and range-bound movement which has all the hallmarks of a market marking time.
The markets are looking for price guidance from Janet & Co, there is scope for the dollar bulls to be disappointed this week (which) might be a driver for oil prices and the commodities complex overall.
There is scope for the dollar bulls to be disappointed this week (which) might be a driver for oil prices and the commodities complex overall.
Demand is reasonably buoyant in the United States, but there's just so much supply, it's going to need a significant pickup in economic activity to meet the current oversupply.
Fundamentally there's not a lot to change the picture dramatically in the short term. Prices seem to be contained in a range for now.
It's going to need a significant pickup in economic activity to meet the current oversupply.
It's ironic. The U.S. economy is starting to boom and crude oil prices are contracting in the opposite direction, every time oil prices come up for air an OPEC member or short sellers manage to push it lower.
Every time oil prices come up for air an OPEC member or short sellers manage to push it lower.
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"Le Brun Quotes." Quotes.net. STANDS4 LLC, 2020. Web. 27 Nov. 2020. <https://www.quotes.net/authors/Le+Brun+Quotes>.