The last time I spoke about oil, which was one month ago, I talked about price was about to penetrate the monthly demand at $42 and the fact that prices of oil is truly a supply and demand equation.
Oil Prices Breach The $50 Level, Now What???
Since that time price penetrated the monthly demand, stopped at $42.34 and has since rallied 17%.
Nothing has changed in the global economy in two weeks, it’s decelerating, but what has changed is the supply and demand equation for oil.
Saudi exports in December fell by about half a million barrels per day
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