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I have a hunch that MANGOLFER is right about the price of oil already having the OPEC cut "priced in" but I don't think the proverbial "floor" is at $63 US or about where crude oil is priced before the US markets open this morning.
Oct 24 08:29 am
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All Comments by Timothy Stolz »OPEC to Cut Production at Friday Meeting, but Will Prices React? [View article]
OPEC is likely to form a that floor at about $75 US but it may take a few weeks to work through the excess oil inventory before we see that $75 per barrel.
While we wait for that floor price to firm, there are a lot of oil and gas issues "on sale" and today, Friday the 24th of October, may bode well for the short traders and bargain hunters in this sector.