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COM - Oil Prices Have More Chance To Go Down From Here Than Up
Direxion Auspice Broad Commodity Strategy
Multiple factors have added to the current bullish oil markets: 1) Demand resurgence 2) Inventory depletion 3) Energy crisis 4) Supply concerns 5) Falling spare capacity 6) Geopolitical tensions.
However, following factors are being ignored: 1) Increased U.S. Shale production 2) Higher prices incentivizing OPEC+ to produce more 3) Rising rates 4) Strong Dollar and others.
Oil prices will fall from these levels and stabilize in lower to mid $80s. May enter $100 temporarily but will not stay in that range for longer.