Ep. 304: Crude Oil Folly with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Importance of Patience
Several trillion dollars have been invested in drilling over the last few years. Yet production is flat because Nigeria, Iraq and Libya are producing less. US and Europe are reducing consumption but that is being more than offset by increasing demand from the developing world - particularly China. Five years from now, the price of Brent is likely to be closer to $120 because of emerging market demand.
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