Even I was looking for a thread on oil to share my ideas and know other fellow trader’s ideas
Well, for Oil, I would say that
A record build up in US crude oil inventories rekindles the oversupply concerns.
An official from Saudi Arabia says that they were “not prepared” to the cut the oil production.
The crude oil inventories data by EIA showed a rise of 2.1M barrels last week, to reach 504.1 million barrels, the third week of record highs.
All these things makes me 101% bearish on crude oil! Unless we see a stern and collective decision, there is no way we can see any normality in the prices of crude oil.