INVESTORS PAY ATTENTION: SAUDI ARABIA AND RUSSIA MAKING FIGHT AGAINST INFLATION DIFFICULT
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Difficult Fight Against Inflation
Please click here for a chart of oil futures that represent West Texas Intermediate (WTI) (CL_F).
Note the following:
- The chart is of West Texas Intermediate crude (WTI). WTI is the standard for the U.S. Brent crude is the standard for the rest of the world. Brent is trading about $3 above WTI. $100 price for Brent is the magnet for traders.
- The chart shows a steep trendline.
- The main reason for the rise in oil price shown on the chart is that Saudi Arabia, in cooperation with Russia and other OPEC+ members, have successfully reduced the supply.
September 18, 2023