looks like Saudi will keep pumping until they see some serious BK, shakeout, defaults.. etc in the US shale/deep water drilling industry. surprised no real consolidation there has happened yet? I think thats what everyone is waiting for at this point....including crude traders, crude prices, opec members, bond market... similar in the UK with miners....market looking for consolidation/shakeouts to finally take place this all may hang over the markets for a while
that's all noise some short covering is going to happen soon, it's not going to just fall straight into 20s
looks to me as if in a range and currently nr bottom of that range. rate hike imminent....if not done, market will crash 5-10%.