 Good morning and welcome to the new trading week. Chinese stocks are going lower this morning there are concerns about the future prospects of sales of properties of private Housing in China the market might go down next year Because there will be more regulation coming. There is concerns from Beijing from the government that there is too much speculation going on regarding the housing market and so they want to stop that and that might be negative for the sales outlook of The Chinese property market. So right now. We've got the same system a same procedure as in the past months whereas international global investors are going around the Crater China stocks so those in Shenzhen for example they are Going down stronger than those more open stocks and the more open stock market in Hong Kong The Hong Seng is down 0.9% and the Shenzhen is down more than 2% right now So we've got a difference here a delta which has been going on for some months now The next big topic this morning is the chump in the price of print crude oil and WTI the US crude Russia will go down with their production by 300,000 barrels a day Mexico by 100,000 Azerbaijan by 35,000 Oman by 40,000 barrels a day so there will be the OPEC cut coming and There will be the long OPEC cut coming together They will bring supply and demand in line with each other more or less Or even so there will be a will be less production than there will be demand Especially when they take into account the growth in demand coming next year and after this news was coming out out of the Saturday Conference of the non-OPEC meeting there was a non-OPEC meeting on Saturday together with OPEC and as a result The non-OPEC producer said they will cut their production alongside the OPEC and then after this was Coming out the Saudis Saudi Arabia said they will cut even more than they said last week on the official OPEC meeting in Vienna So that is a positive news print crude and WTI so Bloomberg so Reuters reports are going to $60 At least seems to go into that direction from a technical standpoint We have triggered on a weekly closing basis a second week in a row the inverted head and shoulders bottoming pattern so if you look at the Chart of print crude oil then we've got an inverted head and shoulders pattern Which is a pattern or a formation which is normally forming at the end of a downtrend and we've triggered that neckline, which set around 50 52 US dollars we are above that with around 56 for print crude oil this morning and The target out of that is between 67 and 77 US dollars per barrel for print crude oil So yeah, that's the news this morning. Of course the Saudis want to place a rum code They want to go out with a IPO for their state crown jewel So Saudi Aramco is the state the Saudi Arabian oil company And they want to have a good price for that and so they want to have a good oil price But Saudi Aramco will only come out in the year 2008 the IPO is scheduled to come in 2018 so Some there's still some room and if you've got and if you just think The scenario through for the price of oil if you go to a 77 dollars right now Then this would just spark an increase in the production of fracking in the United States And that could kill that OPEC rally But now for now markets will focus on the Compliance within the OPEC and within the non OPEC will Russia really decrease its production Will the Saudis really do what they said will all the states that now committed to this Production cut really do the production cut or will they try to profit? From higher prices by selling even more crude So that's the problem and that's the question that needs to be answered in the coming weeks and months