So post-Doha there was no agreement from OPEC players, and WTI rallies! Now we are supposed to believe oil-producing minnow Kuwait contributes to 3% slump in oil price just because half of output was cut by a strike.
End of the day, it’s not even good entertainment.
Is Kuwait a significant oil player?
You decide. From website Statista.com.
And then from OPEC’s very own April 2016 report…
Eh so what is the real reason for WTI’s up and down movement?
- It could be any reason. The fact is WTI price for instance hit a 2-month high. It could retrace merely for the sake of profit taking.
- And then there there could be just plainly the regular ebb and flow of demand and supply issues and the movement of USD. Long as DXY continues to fall, expect high probability rally of WTI.
- If you like a third option, I could tell you [whisper] any number of conspiracies at work…
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.