“Oil market ‘oversold’? Analysts and traders pin crude’s price plunge on demand, trading strategies”
June 6, 2024
“…
- Oil prices have defied the announcement of extended supply cuts from the OPEC+ alliance with brisk declines.
- Oil prices bowed below $80 barrels per day despite this prospect of market tightness, with the Ice Brent contract with August expiry at $77.59 at 11:14 a.m. London time Wednesday, up 7 cents per barrel from the Tuesday close.
- The front-month Nymex WTI contract was at $73.28 per barrel, higher by 3 cents per barrel from the Tuesday settlement.
…”
https://www.cnbc.com/2024/06/05/oil-market-oversold-analysts-and-traders-on-crudes-price-plunge.html
The cost of energy is going to keep going up over time not down. America needs to become energy independent. Then prices will not only fall but stay low.