Raymond James: Bear Market for Oil Caused by ‘Fake News’

6 Jul 2017   Prices

Analysts at Raymond James invoked one of US President Donald Trump’s favorite phrases to explain oil’s descent into a bear market. (Bloomberg) — Analysts at Raymond James invoked one of U.S. President Donald Trump’s favorite phrases to explain oil’s descent into a bear market — and bolster their case for why crude can rise to as much as $65 a barrel. Conventional wisdom holds that resilient U.S. shale drilling, underwhelming progress towards OPEC’s goal in slimming global oil inventories, and output recoveries from nations exempt from the deal to curb production helped push crude down more than 20 percent from recent peaks. But according to analysts led by J. Marshall Adkins — noted oil bulls — the bad times for oil can be chalked up to “fake news” that amplified the downside. “The recent collapse in oil prices was triggered by a breakdown in the technical charts but fueled […]

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