Is it safe to call the bottom of the oil market?
As the price of oil continues to hover over the $100 a barrel level there is a growing thought that it is only a matter of time before it crashes through $100 and down to much lower levels. While this event could be delayed because of short term concerns about the hurricane season in the US and the oncoming winter months, there is a feeling that the price of oil will weaken further. This now begs the question as to why it was so strong in the first place?
There is a growing feeling in the political scene that much of the rise over the last few months was fuelled by investors who were in for a quick buck and had no intention of taking delivery of oil stocks they acquired. This is where the confusion starts because it is impossible to ban any party of group of parties form trading if you are suggesting a free market economy. Whether we see the onset of daily limits or other adjustments to reduce the impact of traders remains to be seen but government around the world are very keen not to be caught out again in the future.
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