The OPEC demand revision is more of a reminder than anything else. Between the high level of crude stocks and the downward revisions to demand, the price should have trouble climbing like it has done this week.
More Quotes from Tim Evans:
It is pretty clear they were attempting to move this oil into a crude oil market where there was already a surplus.Tim Evans
This would be bullish for gold.
Tim Evans
To put that offer on the table for the next three months, it's clear to me that they're willing to steer the price lower, ... They really don't want every U.S. consumer to park their SUV and buy gasoline-electric hybrids -- they don't want to trigger that kind of consumer response.
Tim Evans
The bulls are trying to put up a fight here, trying to make a case that the build in stocks and the drop in price over the past month haven't really hurt all that bad.
Tim Evans
There is a very strong consensus that gold will continue its trend higher this year and that, in itself, is a warning sign.
Tim Evans
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