West Texas Intermediate sank toward US$74 a barrel following three weeks of losses, while Brent traded around US$81. Protests over harsh anti-virus curbs erupted across the world's largest crude importer over the weekend, including demonstrations in Beijing and Shanghai, spurring a broad sell-off in commodities as the week opened. The rare show of defiance is raising the threat of a government crackdown.
“The current sentiment is anything but upbeat,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. “It is not only confirmed by the weekly fall in outright futures prices but also by the contango that made a re-appearance both in WTI and Brent last week.”
But let me guess gasoline prices are on the rise due to shortages. Who are these refineries kidding by charging us triple the price of gasoline that they should be charging us according to the price of a barrel of oil