OIL (WTI) Decision Time
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Decision time
At a key area of support and underpinned by slow down in manufacturing in China because of the Coronavirus resulting in a lower demand for the commodity. We are relying on some sought of event to give us a bounce for bulls to take back control, maybe an oil tanker going down, some explosion, some disagreement in the middle east? Or maybe even oil workers walking off the job?
At present price we don't expect oil companies to be able to cope with manufacturing costs and being able to pay work salaries etc. We need a slow down in production for this bounce...
Best of luck. We are neutral
At a key area of support and underpinned by slow down in manufacturing in China because of the Coronavirus resulting in a lower demand for the commodity. We are relying on some sought of event to give us a bounce for bulls to take back control, maybe an oil tanker going down, some explosion, some disagreement in the middle east? Or maybe even oil workers walking off the job?
At present price we don't expect oil companies to be able to cope with manufacturing costs and being able to pay work salaries etc. We need a slow down in production for this bounce...
Best of luck. We are neutral
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We are in the sell
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