I will also upload the Monthly chart later during the day. For now the whole world is focused on crude prices and how crude would impact oil producing countries. Even Saudi Arabia needs a price of 86 USD approximately to be able to meet its budget requirements failing which they have to find ways to meet budget deficits. Russia gets 45% of its GDP from Crude and in the case of Nigeria its as high as 70%.
To that extent if crude continues to stay at current levels till around June when the next OPEC meeting will take place, it could be bad for stock markets as unwinding of long positions could take place for a quick correction in the stock markets around May-June this year.
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