The oil market is overloaded with a geopolitical conjecture and I expect an up movement under the recent jawboning from Trump.
I've mentioned two levels where I'd expect it to come next periods, but for now, don't have any prepared scenarios, it looks like it can be an impulse up with some pretty short corrections.
What is important to mention here, we shouldn't forget that this virus based "switch-off and further expected switch-on" of the world economy can, and highly likely will cause market shares reshaping and higher oil demand.
So in the long perspective, I would expect oil prices much higher than they used to be in Q1 2020, but before this, we could observe many speculations from oil-producing countries in an aim to protect the status quo.
I've mentioned two levels where I'd expect it to come next periods, but for now, don't have any prepared scenarios, it looks like it can be an impulse up with some pretty short corrections.
What is important to mention here, we shouldn't forget that this virus based "switch-off and further expected switch-on" of the world economy can, and highly likely will cause market shares reshaping and higher oil demand.
So in the long perspective, I would expect oil prices much higher than they used to be in Q1 2020, but before this, we could observe many speculations from oil-producing countries in an aim to protect the status quo.
