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hi PB,
can you ellaborate a little on your response please ie how does iran's currency collapse impact the price of oil in dollars (or gold for that matter - which is what some countries are using to pay for it)?
thanks.
rosho
"The drag on crude oil prices was exacerbated by reports from the U.S. Energy Department's Energy Information Administration that crude oil output from the United States increased 11,000 barrels per day to 6.52 million bpd, its highest level in more than 16 years. U.S. crude oil stocks, however, bucked analyst's expectations and dropped by 482,000 barrels during the last week of September. That came despite a 511,000 increase in crude oil imports for the same reporting period. Market analysts reacted more strongly, however, to overall weak economic data than to oil stocks in the United States."
As oilprice says, the inventory figs out yest were bullish (though there was other contrary figs also eg output), but the sell off in oil had already begun.
And as you say, turkey fired into syria last night & today.
If you had traded the charts yest you would have done well.
