Why oil is up today (Monday, Nov. 23): WTI crude oil prices gained 0.7% this morning following a bullish announcement from Saudi Arabia.
The gains came after Saudi Arabia announced it's ready to cooperate with both OPEC and non-OPEC members to stabilize oil prices.
But Saudi Arabia isn't in the power position it thinks it is...
Why oil is up today (Monday, Nov. 23): WTI crude oil prices gained 0.7% this morning following a bullish announcement from Saudi Arabia.
The gains came after Saudi Arabia announced it's ready to cooperate with both OPEC and non-OPEC members to stabilize oil prices.
But Saudi Arabia isn't in the power position it thinks it is...
My recent meetings in Dubai highlighted the profound change that will turn the balance of power in the energy industry on its head.
For years, OPEC was the puppet master, and the United States (and the rest of the world) were the puppets. They pulled the strings, and we danced. OPEC set the price of oil. OPEC controlled the supply.
But those days are ending. After dictating the course of oil prices for more than 50 years, OPEC is finding its influence diminished.
OPEC's oil ministers can read the handwriting on the wall as well as anyone. Not only are they about to lose the largest energy market in the world, but they'll soon be competing for the markets that used to be theirs for the taking.
Because in 2015 the United States will start pulling the strings...
Oil Price Forecast 2015: After hovering around $110/barrel for the first eight months of the year, oil prices have tumbled by 45% into the $60 to $65/barrel range.
In fact, in mid-December, oil prices dipped as low as $56 a barrel, a level not seen since May 2009 during the worst of the "Great Recession."
But according to the 2015 oil price forecast by Money Morning Global Energy Strategist Dr. Kent Moors, the worst of the price crash is likely over.
"Oil," Dr. Moors says, "is very near a bottom."
Now here's how investors can profit...
