Crude Oil Seems Broken

The following chart shows the 261-week moving average (~5 years) of the price of crude oil (WTI).


Click to enlarge.

The nearly perfect parabola giveth and the new nearly perfect parabola taketh away.

November 29, 2014
US crude oil price fall worst in 5 years

Saudi Arabia’s oil minister told fellow OPEC members on Thursday they must combat the US shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.

Source Data:
St. Louis Fed: Crude Oil Prices: West Texas Intermediate (WTI)