Crude Oil pierced my first target $65

Short comment

US Crude-Oil future (July) pierced my first target $65 with overproduction in US, and talking between Russian and Saudi before OPEC summit supposed to be held in end of Jun.

Looks like factors which led to skyrocketing were reduced already.

I don't think the trend wouldn't change even if OPEC couldn't reach to expectation for expanding in now.

Experts are worrying about ongoing Venezuela's problem or insufficient capacities of OPEC members to expand production as much as US want.

But those couldn't be problems at all.

Let see what happened from 2014 to 2016, when Shale revolution was proceeding.

The main reason was Shale, but there was another big reason.

That was expansion of production from Saudi, to burn Shale companies to die.

But in this time, plummeting don't need expansion of Middle east.

Even if OPEC countries including Iran couldn't support expansion, productions from North America are enough already to support supply, which is decreasing with slower Chinese growth. 

Canadian pipe expansion in last week is supporting much more expansion even more than before.

I believe down-trend will keep going down, and my second target is $60.