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- Better Two Oily Fowls in Hand than the Three Flying
Better Two Oily Fowls in Hand than the Three Flying
I prefer to book nearly two thirds of my profit on Brent oil futures, which I initially bought close at $80 per barrel on November 8. I took a profit at $84.5/bbl at some point today, which is a fair income to properly take advantage of the chance. Crude price volatility became too high during this month, while uncertainty is still growing ahead of a meeting of exporting countries and also based on somewhat weaker than expected Chinese factory data. The Organization of the Petroleum Exporting Countries and its allies, an informal group known as OPEC+, was rescheduled to meet later on November 30, delayed from the last weekend. Yet, energy ministers still have a potential to agree to a new output targets, including a possibility of extra production cuts or just prolongation and nominal strengthening of control on previous cuts. Therefore, unnecessary risk does not seem reasonable for me, as I feel better to have two fowls in hand than all the three flying. Well, in case the third fowl would fly higher or fall from its current highs instead, one would have more than enough time and space to react.
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