Morning people....
Very difficult to guess what's going on in oil market. It seems to be an iceberg. Oil volatily right now is beyond understanding for most of the analysts around the world.
Corona returns but chines oil import is as normal as it was. Perhaps the facts that meet the eyes are deceptive.
Brazil oil production is record high.
Us has high storages.
OPEC cuts production.
Russia denied cuts.
Venezuale sanctioned.
Corona getting severe or it's over rated.
Bullions life time high.
If chinies economy really damaged that counts would 10 percent oil then why the prices are not moving down.
I guess even the markets are unable to have the facts factored.
Let's wait for few days and watch how oil markets will behave.