Iran’s oil minister has called on OPEC members to make “joint efforts to keep oil prices from falling further” reports Reuters.
With Brent crude oil trading under $100 and around levels last seen in 2012 we’re going to be hearing a lot more of these calls coming out and if they increase then that will be the time to look at longs. It’s very much a bears market at the moment with low demand and high supply tipping the balance of directional.
Brent crude daily chart 26 09 2014
I always like a long bias when oil is below $100 but with Chinese slowdown worries still prevalent, I still see scope for oil to move lower. It will take a large and sustained cut in production by OPEC producers to counter that trend right now.
