Oil Prices Suffer First 'Death Cross' Since 2014 Collapse

For the first time since September 2014, after which oil prices collapsed almost 75%, Brent and WTI Crude futures both just flashed a 'death cross' signal as the 50-day moving-average crossed below the 200-day moving-average.

The crossover is typically seen a loss of short-term momentum and last occurred in the second half of 2014, when prices collapsed due to oversupply amid surging U.S. shale oil production.


As Bloomberg notes, OPEC and its partners will be hoping their efforts to curb output will be enough to support prices and counteract any fears of growing downside risk.


However, this morning's news of "real" OPEC production may raise more doubts about the cartel's commitment (and going forward, the Qatar debacle won't help).



Zepper Tue, 06/13/2017 - 15:20 Permalink

Dont worry the Fed + OPEC & Friends will make sure oil does not go below $40 a barrel. You basically had Russia say thats where its heading.  What a fixed world we live in... This world is like a pool table... and every fucking pocket is covered by corrupte governments, central banks, syndicates, corporations and individuals... it does not matter how many balls there are on the table, they all end up in the same pockets of these fucking criminal elements. Its all FUCKING FIXED! Free markets... ya right. 

Kefeer Tue, 06/13/2017 - 20:21 Permalink

Bullish - some gas prices are near the $2.10 per gallon mark; TPTB cannot allow that.  Will be up 40-50 cents a gallon by the end of next week.