Yeah and it is the middle of the day, algo take over.

Hopefully it stays above 44 till 2.30.

Stop slightly below 43.8 for WTI, where is a headline when you need one.

Oil and the equity market seem to be taking a cue from each other.

This post has been edited by zacknistelrooy: Sep 20 2016, 01:31 AM

Yes it is a joke but as long as the algos trade off the headlines, oil prices will always rise and fall based on the chatter.

This post has been edited by zacknistelrooy: Sep 20 2016, 02:42 AM

Just like that and $USO turns green.

Approaching some resistance.

Yeah, just imagine if they agree to a supply cut or cap on production.

Yes that is true.

I still think US is going to be the swing play because shale is slowly showing the negative side effects to the environment so they may have too start slowing down production.

OPEC does not work till Iran comes to the table which may take a while since they want around 4mil barrels.

The days of mighty oil and monopoly is probably over unless they start working together instead of only releasing headlines.

Yeah, oil looks like it is becoming just another commodity just like the boom and bust of steel and copper.

Fed Vote 7-3 Decision to Hold Rates
Fed Sees Near-Term Risks To Economic Outlook Appear Roughly Balanced
Fed Sees Near-Term Risks to Economy 'Roughly Balanced'

A more significant move may come during her press conference at 2.30.

Probably, FED chair is not saying anything different and the dollar is weakening.

Looks likely now with yields drooping fast.

3 FOMC Member's speaking today.

Yeah looks like it.

They refusing to cap productions.

Baker Hughes US oil rig count 418 vs 416 prior.

Looks like short covering or could be someone knows something.

Yes and she has increased her lead in a two person race at least in one of the polls.

Oil sinks after Saudi Arabia, Iran play down chances of output deal

Headlines king and queen.

It is starting to make lower highs which is becoming concerning.

The resolution is going to be interesting.

Yeah, just keeps bouncing randomly.

Can't even find the importance of the bounce level on the chart.

Oil price waiting for news from OPEC which could be in another 10 minutes.

Oil prices extend gains as US crude stockpiles fall by 1.9M barrels.

Iran rejects Saudi offer to cap oil output ahead of Opec meeting

Quite weird that they are going to the meeting when they know they are not going to agree on anything. Maybe planning for next month meeting.

This post has been edited by zacknistelrooy: Sep 28 2016, 10:36 PM