So, could it be true, could the world’s big oil producers come to their senses and cap production? Apparently reports say that Russia and Saudi Arabia have done just that and will make it official at Doha later this week. With Russia’s economy in shambles, and Saudi Arabia juggling several economic issues, the timing is perfect and long overdue. Russia’s stock market has been on fire as the Ruble has rebounded with crude oil, but the economy needs a shot in the arm felt by all citizens.
Technically, West Texas Intermediate is on the cusp of a major breakout that could lift it to $44.00, and then to $46.00- where talk of fifty bucks will resonate loud and clear.
I like the action a lot, and while it feels different than the last couple of sessions that collapsed into the close, I don’t want to tempt fate. There is a ton of upside room but want to see a strong close to alter current risk-reward ratio.