Crude oil futures on light holiday volume dropped on Monday, in reaction to OPEC+ agreeing on Saturday to hike production for a second consecutive month by 411,000 barrels per day in June. WTI for June dropped and at 2:00 am ET was trading at $56.50 a barrel. Brent for July’s exchanged hands at $59.22 per barrel holding above the March 9th low of $58.00 for now. their are a lot of juicy stops in the high $57 area before the market reverses. Oil at these levels are not sustainable. I am an aggressive buyer at these levels
NN: This is nothing more than OPEC disciplining members Iraq and Kazakhstan and who are overproducing. Israel is ammasing 30,000 troops at the Gaza border. And Iran is next.