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The Macro Brief: Oil Falls Below $80 - Traders Dumbfounded

The Macro Brief: Oil Falls Below $80 - Traders Dumbfounded

Where Markets Meet Macro

Macro Strat Chris's avatar
Macro Strat Chris
May 05, 2024
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The Macro Brief
The Macro Brief
The Macro Brief: Oil Falls Below $80 - Traders Dumbfounded
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Traders seem dumbfounded that oil just had its worst week in seven months, falling $7/bbl.

My question is: why? Whether you want to believe in the stagflation or geopolitical narrative, I'm sorry, but that would be the wrong way to approach oil.

WTI crude closed at $77.99 to end the week and within the price range I forecasted almost two weeks ago despite “experts” calling for $100-150/bbl on the WWIII circle jerk circuit.

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