oil is a global commodity, if anyone is buying Russian oil at $60 a barrel all oil will move down to $60 a barrel. especially if all of south america and asia including India and China are buying it.
KelvinNarvaez
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@jscheurichiv, Wouldn’t Europe banning Russian oil cause USoil prices to go up since its demand will go up?
Johnny_Rockets88
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@KelvinNarvaez, maybe in a very short term spike as the supplies need to shift around, but think of oil as a big bowl of spaghetti at a family of 10s dinner. If uncle Jack and aunt Betty decide not to eat from the right side of the bowl is there less oil available for little Jimmy and Sarah? No they will just eat whatever spaghetti is left. What it will do is increase the cost of transporting that oil creating higher prices at the end user but that's another factor which will push price down. Higher end user prices decrease demand.
KelvinNarvaez
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@jscheurichiv, Yeah but us currency is backed by oil in general.Either way I’m just trynna fall in love bro
Johnny_Rockets88
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@KelvinNarvaez, US currency is back by debt. The US owes everyone billions of dollars as part of their reserves, and other countries owe others in dollars also. It's the most used tool to denominated a loan in. It has nothing to do with Oil. THERE IS NO PETRO DOLLAR. Its amazing how the youth has been so mislead. First they don't teach you anything then at the top of the bubble they teach you the wrong information
KelvinNarvaez
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@jscheurichiv, you wanna maybe rob a bank with me
Johnny_Rockets88
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@KelvinNarvaez, I can't tell you what to do but there are a lot of opportunities right now that don't include theft. Look at JPY/USD this will make a new ATH over the next few years and don't listen to what the media is saying. They will lead you wrong and never be brought to account
KelvinNarvaez
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@jscheurichiv, JYP keeps jumping off the trendline I drew.I’ve been busy all day with US30 in a break even
KelvinNarvaez
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@jscheurichiv, Also this world is ran by criminals,Just gotta know how to go unscathed
acornwellmorgan
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@jscheurichiv, Agree with you completely. The effect is Russia has to sell its oil for a much reduced price. which might not be a bad thing for it as Russia always wants to increase production and sell more. Meanwhile the demand pressure from India and China declines since they are served by Russia. It's a win-win situation for both Russia and the US.