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What Will Cause Oil Prices to Further Decline?

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  • Description

    Phil Streible of RJO Futures weighs in on oil prices.

  • Duration 2:05
  • Date

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Take on the price of oil well it's the one commodity care most about lets you love gold.

Up 82 cents a barrel 1975.

Right now but oil -- fallen about 9% in just the last five sessions.

Will that tumble continue in the long run -- street Abell is here of RJ -- -- live the CME group.

Bill that's a big come down in five trading days is the path.

Down rather than not like we're seeing today.

Well I mean there was a lot of long liquidation fractured that put that price down to where we're at right now.

The key level was the hundred day moving average which is just above ninety dollars now if you fast for later on today we've got -- PI.

Tomorrow we got the Department -- -- remember last week the Department of Energy released -- build of about eight point five.

Odd million barrels that was -- larger than most of the analysts asked the -- Tomorrow other expected about two million barrels if we come -- closer -- like three and a half four or above.

You probably gonna see oil prices threaten and great ninety dollars there's probably quite a few.

Sell stops from one position players down there on the momentum may continue but if oil if we get closer to that two million.

War we start to get a rise in geo political news we saw higher Randy launched about four missiles out in the Persian gulf today I think that's what's holding oil law.

But the path of least resistance seems to be -- downside.

How low could it -- theoretically do have Saudi Arabia on boosting production.

Which certainly what would help mr.

Obama come November.

Yeah there there -- definitely I think that they're biased inning game and they are definitely pumping oil on maximum capacity.

I think if they can get oil doubts in the mid eighties while that would bring you know.

National gas price average right around.

381 right now that could get it while -- below -- 370s and I think that would definitely give a boost to the Obama campaign and help office market.

Feel good to talk CF illustrate involved -- -- futures take your Pelosi sent.

Thank you.

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