OPEC daily basket price stood at $45.74 a barrel Thursday, 8 January 2015

OPEC oil trades at 10% discount to WTI crude.

 Do US shale oil producers didnt want prices below 47 $ ?
Over producing Russia, Gulf will pressure US oil  producers to reduce production.
We will wait and watch,

Vienna, 8 January 2015--The price of OPEC basket of twelve crudes stood at 44.85 dollars a barrel on Wednesday, compared with $46.62 the previous day, according to OPEC Secretariat calculations

OPEC daily basket price stood at $44.85 a barrel Wednesday, 7 January 2015

hovering around 48 -49, not convincing for a buy

If it couldnt get past 49 , My target is 43.90 which will be the bottom.

It should get past 49 $ for a buy.

Triangular battle

Weaken Russia economically - US and Allies : Russia produces more oil to induce stability
Kill US shale oil - Gulf countries - Gulf countries do not cut and allow oil to drift lower till US shale oil producers hit hard.
De-stabilise  Gulf oil -  Produce more  US Shale oil by US.


More oil, very weak demand.

I am more interested to see how this battle spans out and what would be the trading range.
Sustained increased production may see oil bottom at 39 US $.
Intelligent manipulation can see oil at its high of 61 US $.

Any new war or China growth with little assistance from Europe growth can see
oil prices climbing.

10th gas Arabia summit January 13–15 Dubai, UAE, A decision awaited to arrrest the slide, in my view.

OPEC daily basket price stood at $51.91 a barrel Friday, 2 January 2015

Next target 47.26, till then I will not buy.