What are the factors influencing the oil market according to Scott?
Why Prosper's Bauer Sees No Surprise in $55 Crude
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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.
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What does Scott suggest about the potential for oil prices to drop below $60?
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