Hello people! 👁 Impact of oil price to our lives is hard to underestimate. Today I’ve noticed hard pump of it's price and you can see we in $30-$20 price trading range. This range could be a possible mid-term bottom for Oil. But this is not all time bottom, IMHO.
I think we going to see $30 price this year. What after $30? I can only imagine. $20 again? Possible Last year in December Aramco sold shares on biggest IPO in history and this is key highlight to me that oil prices are going to decline within next 5-10 years. This is my personal opinion and you can think differently, I accept it.
Let me know your global vision for oil in our lives, please, write in comments.
A pretty pessimistic view I must say, I forsee the kingdom & Russia getting to an agreement which will surely stabilize the price. However the current crisis smashing demand is proving to be very brutal and the sooner the world gets back to normality the better. A number of bankruptcies and a few restructuring will get demand going and eventually catching up with supply.
From my view I see price getting back up but not as high as before, indeed its a new world we will be stepping to. A world of cheap fuel lol.
ArShevelev
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@Forex_Dojo, yes, i believe cheap fuel is the only tip of the iceberg...
Russian oil breakeven cost around $3 or could be even cheaper.
People debating the cost of the mining bitcoins and saying crazy things. But they forgot about cost of oil and good which it's giving to us. Most of people blind.
Forex_Dojo
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@ArShevelev, Wow. I always knew Russia had a low cost of production just not that low. The kingdom is losing way too much. We have a few hours then we will know what the way forward is regarding this battle.
ArShevelev
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@Forex_Dojo, yes, possible to see 30-40-50 range within next years, more oil companies have to be sold to retail people
From my view I see price getting back up but not as high as before, indeed its a new world we will be stepping to. A world of cheap fuel lol.