Thursday, February 12, 2015

Obama's Saudi Visits, Oil and Russia

Last nights concerted effort produced something positive in the Ukraine crises. This may coincidentally produce something positive for the price of oil.
Please note the following timeline coincidence;
1 March 2014: Russia's parliament approves President Vladimir Putin's request to use force in Ukraine to protect Russian interests.
 16 March 2014: Crimea's secession referendum on joining Russia is backed by 97% of voters, organisers say, but vote condemned by West as a sham.
18 March 2014: President Putin signs a bill to absorb Crimea into the Russian Federation.
28 March 2014: President Obama visits Saudi Arabia.

June 2014 : Oil begins collapse.

27 January 2015:  President Obama visits Saudi Arabia.
31 January 2015 : Oil reverses price decline.
11 February 2015: President Obama introduces ISIS War Powers Act.
12 February 2015: Ukraine Cease Fire.



As an Elliott Waver I don't assign causality, and in fact the influence of the above geopolitical events on the Eur/USD probably explains most of the WTI move, but "just sayin".

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