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Oil reach $52/barrel in June and collapsed to $39.50 last week. Peak summer driving will soon come to an end; Canadian wildfires have burned out; Nigeria is stabling; OPEC isn’t cutting; and most importantly the US shale oil producers are lowering their costs.
Looking back to the oil glut of the late 1980s, prices took about a decade to stabilize and rise. I assume we’ll see something similar during this oil correction. Prices are likely to swing between $30-$50; with temporary extremes down to the $20s or up to the $70s.
Petrodollar article from April ’16: http://www.investablewealth.com/its_still_all_about_oil/
10 Wealth Building Principles: https://www.wealthsteading.com/category/wealth-building-principle/
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