​Oil market trading as if we're already 'in a full blown recession': RBC analyst - BNN Bloomberg

Crude oil prices sank 10 per cent in the past two-and-a-half days to approximately US$68 per barrel, following the market selloff that came from investors fearing a global banking crisis. That pressure pushed the oil market to reflect recessionary pricing, Michael Tran, managing director of global energy strategy at RBC Capital Markets, said in an interview on Thursday. “This is a market effectively trading as if the economy is already in a full blown recession,” he stated.

Despite the drastic swing to the downside, Tran noted that the factors pulling down the price of crude have little to do with the energy sector, and for this reason, the commodity is likely to rebound. “Everybody knows why oil prices are coming off. It’s not an oil market specific issue, it’s a broad macro issue,” he explained. Tran is calling for oil prices to climb in the second half of this year amid China's economic reopening, and heightened demand coming from India.

All manipulation.

It is…

Shhhhhh……

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil climbs from 15-month low after banking crisis roils market - BNN Bloomberg​Oil rose from the lowest close in 15 months after a three-day rout started by the U.S. banking crisis and accelerated by options covering.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Oil prices plunge, Canadian energy stocks take beating as global banking fears spread - BNN BloombergCrude oil prices took a beating Wednesday as market chaos related to a spreading banking crisis continued. How does it make any sense that concerns about banking stability had a bigger impact on oil and gas stocks today compared to banking stocks. Makes no sense! Can someone please explain JonErlichman
Source: BNNBloomberg - 🏆 83. / 50 Read more »