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Reasons Oil will stay between $40 – $52

Monday, October 31, 2016 4:50
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Dennis Gartman Blog and News As long as Rosneft continues to stay outside and produce as much as they want, as long as you have problems in Venezuela, as long as you have the Iranians continuing to increase production, and having the Chinese remove themselves where they had been buyers buying for their own SPR(Strategic Petroleum Reserve) and apparently having removed themselves. I think it’s going to be difficult even if they get an agreement to put prices very much higher at all, if at all.

Maybe, we get spot WTI back to $52 again. I think that will be difficult. Maybe we get Brent, the official international marker crude, to $54 per barrel again but the problem is the contango continues to be extremely wide.

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