found these two patterns quite similar. Back in in 2014 before the sharp decline, there was oil overproduction reported.
Recently, Energy Information Administration reported increased oil production in November 2016. Coupled with the prospect of rising interest rates in US and consequently stronger dollar, this might be a short opportunity, despite the fact that OPEC and some non-OPEC producers "reached an agreement" to decrease oil production. Kind of doubtful the agreement will have any lasting effects, just a desperate move by oil dependent countries.
Recently, Energy Information Administration reported increased oil production in November 2016. Coupled with the prospect of rising interest rates in US and consequently stronger dollar, this might be a short opportunity, despite the fact that OPEC and some non-OPEC producers "reached an agreement" to decrease oil production. Kind of doubtful the agreement will have any lasting effects, just a desperate move by oil dependent countries.
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