I told everyone here for the last 3 years that Oil will again, and again cripple every nation on earth. Energy prices have always crippled nations ability to grow economically. So what happened to the so called B.R.I.C.K nations? They are all suffering from Deflation, Recessions, and Inflations. China is dead, Brazil, Russia is done and are sinking into Inflations. I remembered telling everyone that not even OPEC would be sparred this time around. Oil will forever cripple nations, OPEC was told this and they took oil up to fill their bank accounts while many nations get destroy . Now OPEC, the Saudi's are playing the fiddle to get everyone out of drilling while they can rally for a couple years because their bank accounts are fat. Problem is that if US sneezes, it will take down every nation again. Canada, Australia, Japan, China, Brazil, Russia and the entire 29 nations in Europe are dying with deflation. US is being propped up by the FEDS strategy, and it is why they cannot raise rates until late 2016. The economic collapse will continue until US hickups.
For several consecutive weeks, oil builds have gotten way out of hand, there is too much oil and not enough storage. Oil Builds are consistent with economic collapse. I wouldn't be surprised to see a massive flow of shorts coming in after todays build. For some reason Oil is staying up even while the dollars is strong. This oil build today signifies Global economic collapse in the works here. You just cannot prop up oil with this much build.
Either way we are oversupplied, why is the need for oil to be rising above $50.00? It is so obvious that Speculators are just jumping in because its a lower build. These same speculators cannot see that the US ports were closed and shipping have fallen for the last 3 weeks because of port closure. Many big rigs were Idle and we are expecting a huge pile of oil just overflowing at cushing.. If Oil keeps rising because of speculating, it will most certainly send nations back into recessions like Europe is going through.
It is obvious that over supply and less demand will deliver the truth. Inflations worldwide, Inflated food prices, and a host of nations who are reeling from Deflations as we speak. Don't matter how many refineries and pipelines blows, no one could justify these high oil prices comparing to wages and economies growth . This is where the rubber hits the road. Affordability for people to spend. It is not here and nations will continue to suffer unless deflation takes its course. No one can stop it.