OPEC fail to agree on supply cuts

With OPEC failing to agree to reduce output, Oil prices have strongly snapped lower.. losing the $70 threshold.. now in the low $68s. The original target zone of 65/60 looks set to be hit before year end. Now the question is... 50/40s in 2015 ?


WTIC, monthly'2, rainbow

Summary

As I type (11.30am EST).. WTIC oil futures are at $68.38, a fall of $5.11... 6.9%. On any basis, it is a severe drop but not unexpected.

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*gold bugs beware.... a 'Sunday night surprise' (post Swiss vote) is equally VERY likely...

Gold is currently -$5 at $1190...  I'd expect the 1080s at least 'briefly' before year end. That of course would have 'interesting' implications for the mining stocks.
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Update from Mr Carboni


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time for lunch.... more later....