Fear and geopolitics appear to be putting a floor on the price of crude oil -- for now! Despite demand decay, worry that Russia's bullying could easily take control of all oil being exported from the Caucasus regions to Europe, is putting a floor underneath the price of oil today. OPEC rumors that the cartel may cut production is also having the intended effect. Crude oil prices are roughly flat for the past 10 days or so. Note that on the daily chart, below, prices have been fairly flat for several days. Unless demand skids even more, we may be close to the bottom.
This is also fueling worries that the hoped-for rebound in stock markets, might not appear anytime soon. Stocks are down!
Fear and geopolitics appear to be putting a floor on the price of crude oil -- for now! Despite demand decay, worry that Russia's bullying could easily take control of all oil being exported from the Caucasus regions to Europe, is putting a floor underneath the price of oil today. OPEC rumors that the cartel may cut production is also having the intended effect. Crude oil prices are roughly flat for the past 10 days or so. Note that on the daily chart, below, prices have been fairly flat for several days. Unless demand skids even more, we may be close to the bottom. 
This is also fueling worries that the hoped-for rebound in stock markets, might not appear anytime soon. Stocks are down!
