Ruble at New Low, Oil Still Falling

Monday Nov 30 2014

The Ruble is down to a new low, over 50 to 1, against eht US Dollar. This may really test Putin's hold on the country. 

And oil prices are still falling. The Head of Continental Oil who dropped his hedges last week, wrong move, is now talking $30, I guess he is short again. 

But the question of course remains, where ist the bottom in oil prices. 

The Saudis made it clear they want to curb US production. So the price will fall until the House of Saud believes enough damage has been done that the US will significantly curtail fracking and production. 

I doubt that price is $65. The Cry Uncle Level is surely much lower.