The International Energy Agency (IEA) has announced the oil price may have made a bottom. The oil price is a graveyard of experts who have called the low. Catching a falling knife is clearly a very dangerous occupation.
The following bodies have been found so far: Andy Hall at $50, Vitol’s Ian Taylor at $58, JP Morgan at $60, Qatar at $48 and now IEA at $38.
Of course we still have Goldman Sachs repeated prediction of oil below $20/barrel.
Chart Sourrce:Bloomberg. @BETAfinancial