It's interesting to see that last few weeks have seen some cool down on Russian position in Ukraine, is there something to analyse on the move of Crude on teh last few weeks...
Oil price going down is clearly a very negative point for Russian as their economy is still very gas and oil dependant...
With the situation in Irak & Syria, Saudian can't do anything else that standing with the long time ally the US...
have a look to this article from Zero Hedge, just mentionning that Crude, brent is Most Oversold Ever....
I won't bet for oil price to stay too long on that levels as it could start to vbecome an issue for US shales companies
it looks like this morning sell off of Equities is Oil correlated, haevn't see any other move/news to justify that move.
Laurent
{http://bit.ly/1pb39Hz} :
Crude Crashing: Brent Is Most. Oversold. EVER
{http://bit.ly/1w6w57D} : If The Oil Plunge Continues, "Now May Be A Time To Panic" For US Shale Companies
Crude Crashing: Brent Is Most. Oversold. EVER
Yesterday we lamented the ridiculously oversold levels in West Texas Intermediate, which as BofA calculated, has hit "oversold" levels for only the third time in six years. We assumed that this could be the basis for a short-term rebound. We were wrong, because we clearly had no idea just how determined the Saudis are to crush Putin into the ground courtesy of plunging oil prices.
As of moments ago, WTI has tumbled nearly $4, some 5%, to just over $81...
... which just goes to show how idiotic any reliance on charts is in a centrally-planned world, in which commodities are nothing but political weapons. Bottom line: based on its weekly RSI chart, WTI has just hit the most oversold levels since Lehman.
But to our rather great dismay, what is gong on with Brent turned out to be far worse, and as the weekly RSI indicator shows the selloff in Brent is now the worst, well, ever!
In other news: Andrew Hall, our condolences.