Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades.
The Organization of the Petroleum Exporting Countries and its allies stepped in last spring to backstop the market by slashing production in the teeth of a collapse in crude prices. This week, the cartel is expected to reach a deal on unwinding some of those cuts. Here is why U.S. crude prices have roared back above $60 a barrel from a low of minus $37.63 a barrel last April.Traders and analysts say supply and demand, rather than speculation, have underpinned the rally so far. The ratio of positions held by money managers in WTI futures and options contracts who expect oil prices to rise, versus those who expect them to fall, is below levels seen during the last big run-up in oil prices in 2018. That suggests investors aren’t in the driving seat.
Simple. Everything bounces back 🤦🏻♂️
This photo appears to show Persian Gulf Oil Tankers complying with and adhering to the SOCIAL DISTANCE measures required to stave off COVID-19 !? LOL
Thanks to Bidens America last in oil policy he is shutting down the US oil production. $4 to 5 a gallon gas coming soon. It was below 2 thanks to Trump
Celebrating higher gas prices, good job Joe
Because its rigged