Oil tries and fails on a break again
WTI Crude oil finished the day down 24-cents to $41.95.
It rose as high as $42.87 to break the July high of $42.40 for the second day but once again it couldn’t hang onto the level.
I’m starting to get worried about OPEC.
The last week has featured a wave of earnings from energy companies and the constant theme is bringing production back online. I can’t imagine that’s how OPEC wants it to be. They aren’t taking 10 million barrels per day offline so US shale producers can ramp back up.
At some point before $50, I think they start to break ranks and pump more. Maybe they hold together until the US election but they’re not going to carry the burden alone.
This article was originally published by Forexlive.com. Read the original article here.