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Oil holds again, a double bottom is in place for now.
Oct 07 08:32 am
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All Comments by NOWHEREMAN »Oil Breaks Down Again [View article]
The Biggest Saudi field is being pressurized to keep output at present levels. Oil output from old, 1960s fields, has increasing amounts of water mixed in, only modern day exotic tech has been able to keep them pumping while they search for more oil.
While they have no control over higher prices, output increases are being met with internal demand + external demand, they will gladly decrease output to save it for higher price levels.