As laid out below, serious doubts might have emerged last week about the sustainability of the uptrend in oil, the weekend developments, however, swept aside such concerns – whether temporarily, remains to be seen.
As of close of business ICE Brent M1 flat price has lost $13.85/barrel in 7-working days.
In the current high interest rate and entrenched inflation environment the opposite of the “good news is bad news” adage also rings true.
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