We’re still up approximately +7 million barrels of crude oil, which is a bad thing for a commodity like crude because of the laws of supply and demand. Yesterdays draw-down of 6 million barrels did little to push price any higher. Because of this they only way is down for this asset, until we start seeing more draw-downs and OPEC agreeing on cuts. With all the selling pressure that’s been going on, I was waiting for the right time to jump on the profit taking band wagon, which would briefly bring price up before dropping to around $49 a barrel.

Crude Oil

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