HUGE RNC SALE: 60% Off VIP Membership - Ends Today!
One Dem Aide Described the Party's 2024 Chances in Two Words
Nancy Pelosi Reportedly Took the Gloves Off to Push Joe Biden Out of...
Classmate of Would-Be Assassin Says He Was a 'Known Trump Hater,' but Feds...
Watch the Secret Service Director Flee the RNC When Confronted by GOP Senators
The Real Reason Trump Chose JD Vance
Will Biden Be the Dem Nominee? Bill Maher Has a Prediction.
New Battleground Polling Conducted After Trump Assassination Attempt Has Dropped
Biden Would Consider Dropping Out If...
Reid: Biden Recovering From COVID Is 'Exactly the Same' As Trump Surviving Assassination...
Musk Warned Newsom This Would Happen if He Signed AB 1955, and Now...
Axios Reports Biden Will Leave the Presidential Race As Soon As This Weekend
Trump's Would-Be Assassin Hinted at the Attack on a Gaming Platform
There's Been an Update on the Vice Presidential Debate
The Case for Trump: Now More Than Ever
OPINION

Oil Holdings…For Now

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

Brent crude is holding on to gains, but West Texas is lower and pressuring the more widely used global proxy. Psychological support is $30.00. Meanwhile, there is the scuttlebutt of a price war between Saudi Arabia and Iran.

Advertisement

The street has digested the news from China, including the surprising data showing greater demand for crude. This is helping Brent, but the same angst we came into the week with is permeating the session. On that note, outside the economic ramifications based on demand in general, there will be ways to make money on persistently cheaper oil. There’s just enough angst, and momentum to the downside is so great, that forcing the issue at this exact moment would be a mistake.

The time to buy weakness is among us. But I still want signals, including technical signals and signs that the Fed is tempering its rate hike expectations. If the market can rally into the close, we might shift our overall buy indicator light to Yellow.

Sponsored

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos