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of production. Extracting oil from these frontier areas required more advanced technology and a lot more capital: Ultra deepwater, Arctic offshore, heavy oil sands, and increasingly, the Lower Tertiary

Crude oil has turned up in September when price broke out of a triangle placed in wave (b) so wave (c) was final with wave 4 pullback that reached 50.50 resistance from where sell-

where sell-off occurred in October. As such, we suspect that WTI made a new swing now that will send price down into wave 5 back to 37.70. Broken corrective channel also suggests more weakness ahead,but after wave (ii) is complete.

OPEC altered the course of the oil markets last year when it decided to cast aside its traditional role of maintaining balance through production cuts. Instead it pursued a

production cuts. Instead it pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. WTI and Brent then went on to dive below $50 in the weeks following OPEC's decision.

Best 5 Forex Trading Books
IN FOREX


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OPEC altered the course of the oil markets last year when it decided to cast aside its traditional role of maintaining balance through production cuts. Instead it

pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. WTI and Brent then went on to dive below $50 in the weeks following OPEC's decision.

A little more patience before trying to pick the cycle low in oil. RSI is just now getting oversold so its getting close.I Like to see price close below the lower Bollinger band before trying to pick the bottom. Once it does then wait for a swing low to form.

November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward

set crude prices on a downward path. Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices.

Crude has been in a range for most of the month of September oscillating near the 50 day moving average. It had been unable to do much in the way of additional upside however

until this month, when it finally broke out above resistance at the top of the range near the $48 level. Friday it managed to best 50 on an intraday basis but then faded well off the highs heading into the close.

Marginal producers can’t make money at today’s prices. Therefore they shut in wells (turn them off). As supplies get tighter, prices move higher

President Putin's recent moves in the Middle East—to shore up Bashar al-Assad's regime in Syria through deployment of combat aircraft, equipment, and manpower