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Sunday, November 18 , 2018, 5:43 am | Fog/Mist 49º

 
 
 
 

Letter to the Editor: Brent Crude Outlook

My admittedly amateur interpretation of Technical Analysis has shown the price of Brent Crude oil breaking downward through a charted triangle formation having a base at about $48/barrel.

The implication of this – not huge – is a drop to at least $43/barrel.

I have no financial interest in Brent Crude futures or, indeed, in any oil company securities and receive no compensation of any kind for my remarks which are not intended as investment advice .

My challenge in this forum, made many months ago, for any oil company enthusiast to name within one day the purchase price of an oil company stock, has never been accepted. It is a challenge I still offer.

The price at which oil conglomerates, especially those dependent on fracking, can hope to thrive is a matter of debate and, to some extent, probably depends on the nature and location of particular enterprises. But some knowledgeable sources cite $50/barrel as a profitable base.

William Smithers
Santa Barbara

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