Ahead of the 14% Crude Oil Dive with Elliott Wave

The crude oil market is capable of going from a state of oversupply to one of not enough supply in relatively short time. OPEC and Russia’s decisions and the fact that in a normal year the world consumes over 100 million barrels of oil daily cause the pendulum to swing from glut to deficit quite…

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OPEC Boosts, Oil Surges, Elliott Wave Explains

Correct us if we are wrong, but shouldn’t a supply increase lead to lower prices? Well, at least that was the cause and effect relationship OPEC has been relying on when they decided to increase oil production at a meeting in Vienna on Friday, June 22nd. In an attempt to put the recent oil price…

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Riding Oil’s Hope-Inspired Rally

Crude oil’s December futures contract just climbed to 47.37 dollars a barrel in what is supposed to be a rally, inspired by hopes that OPEC members are going to agree to cut production in an attempt to lift oil prices. The market is probably the only place, where such an irrational thing as “hope” could have…

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Is Doha to Blame for Oil’s Violent Swings?

The world was hoping that the biggest oil producers were going to reach an agreement to freeze output during their meeting in Doha on Sunday, April 17th. They did not, since Saudi Arabia insisted on all OPEC members taking part in the agreement. When the oil market opened with a huge bearish gap on Monday,…

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