Why Prosper's Bauer Sees No Surprise in $55 Crude

Scott Bauer from Prosper Trading Academy discusses the current state of the oil market, noting that oil prices are above $60 per barrel. He predicts that prices will face resistance around $61, influenced by upcoming API and EIA reports. Bauer also highlights the impact of recent economic data on market sentiment, suggesting that short-term tailwinds may be countered by long-term headwinds. He anticipates potential price drops to $55 in the coming weeks, attributing this to overreactions to yield curve concerns.

What are the factors influencing the oil market according to Scott?

What does Scott suggest about the potential for oil prices to drop below $60?