I disagree. OPEC recently slowed excess production because no one was buying it. Chinese demand growth has definitely slowed. http://english.people.com.cn/200601/06/eng20060106_233386.html
What matters is the chart, not such numbers... And the sentiment, which has cooled down. The so-called experts are now bearish. MON DIEU!
The OPEC basket of crude is a bunch of junk, very little light sweet crude in there. It sells for around $57 and produces less gasoline and lighter products than the benchmark WTI on quoted the NYMEX when refined. http://www.opec.org/home/basket.aspx Some Chinese guy yapping about falling crude prices this year is just joining all the US economists who've been yapping about falling crude prices for the last three years and been wrong.
Hey I'm Chinese and I am/was bullish on oil . Anyways, do you hear the screaming? That's someone who shorted oil. Uhoh, that's a great Chinese New Year present for him . Red packets full of money for us, he pays the bill...
Above $67. $67.50 will prove strong resistance. If we break above that as I think we will, we'll see a stronger uptrend.
http://quote.bloomberg.com/apps/news?pid=10000006&sid=axhbXSnZb0R4&refer=home Longs en guard. Media getting frivolous on oil again, sentiment getting high.