Why Prosper's Bauer Sees No Surprise in $55 Crude

Scott Bauer from Prosper Trading Academy discusses the current state of the oil market, noting that oil prices are above $60 per barrel. He predicts that prices will face resistance around $61, influenced by upcoming API and EIA reports. Bauer also highlights the impact of recent economic data on market sentiment, suggesting that short-term tailwinds may be countered by long-term headwinds. He anticipates potential price drops to $55 in the coming weeks, attributing this to overreactions to yield curve concerns.

What is the current price level of oil discussed by Scott Bauer?

• Above $60

• Below $50

• Around $70

• Exactly $55

What economic factor is mentioned as coinciding with the market sell-off?

• Interest rate hikes

• Global economic slowdown fears

• Trade agreements

• Inflation rates

What does Scott Bauer predict about the short-term oil market trend?

• Stable prices

• Rapid decline

• Short-term tailwinds

• Strong headwinds

What price does Scott Bauer suggest oil might reach in the coming weeks?

• Exactly $65

• Around $80

• Above $70

• Below $60

What economic event is mentioned as causing an overreaction in the market?

• Yield curve drama

• Stock market crash

• Trade war

• Interest rate cuts