Oil Prices Ready To Drop?
Did we get a clear-cut signal this week that oil prices will soon start to drop?
After 50 years, the United Arab Emirates signaled it will leave the OPEC cartel on May 1. OPEC has always set quotas to hold down oil production. But if UAE leaves OPEC, that nation can begin to “drill, baby, drill,’ drawing down oil and selling it as rapidly as it’s needed anywhere.
Keep your eyes peeled. If any other nations leave OPEC, prices will definitely come tumbling down. And they should become more moderate now, although how much remains to be seen. Here’s more from Matt Morse TV.
