Why Oil Prices Fell Back Below $70

One of the biggest mistakes I have seen traders make over the years, and to be honest it is also something of which I have been guilty many times in the past, is the desire, need almost, to trade in the “logical” direction on every piece of news. Very often, though, the better trade is to fade the initial reaction when circumstances appear to change. This week, for example, reports surfaced that OPEC+ were going to postpone their scheduled crude output increases for a couple of months. Those reports came out on Thursday, but here is…