The current price of oil is a total manipulation The curerent price of oil is just a manipulation by the paper crooks on Wall Street and in these oil markets. There is no demand problem. China just reported 4.5 % GDP. Employment in the US is strong. There have been consistent draws in oil inventory as reported by the EIA in recent weeks only to be met with lower oil prices. This is manipulation by the paper markets and does not reflect the reality of the physical market. CSX a major rail hauler in the US just reported today a 9% increase in revenue. If there were demand issues that would not be happening as they haul essential materials to major industries in the US. OPEC and in particular the Saudis know this is manipulation by the US paper market crooks. They even expressed that was the reason they did the recent production cut. If I was the Saudis I would hit the market again with another big production cut until this manipulation by the Wall Street paper crooks and others in the oil markets stops. I hope the Saudis cut again and punish these crooks. Here is the proof:
US economy 'regained growth momentum' in April as recession fears swirl
The US economy is in the midst of its biggest upturn in nearly a year, according to new data.
Myles Udland
Myles Udland·Head of News
Fri, April 21, 2023 at 12:15 PM EDT
The US economy is in the midst of its biggest upturn in nearly a year, according to new data from S&P Global out Friday.
"The latest survey adds to signs that business activity has regained growth momentum after contracting over the seven months to January," wrote Chris Williamson, chief business economist at S&P Global Market Intelligence. "The latest reading is indicative of GDP growing at an annualized rate of just over 2%."
In April, S&P's composite PMI reached 53.5, up from 52.3 in March and the highest reading since May 2022, the company said in a release. For this index, any reading above 50 indicates expansion in economic activity, while readings below 50 indicate contraction.
For the services sector, S&P's business activity index registered a reading of 53.7, up from 52.6 last month, while the report's manufacturing PMI came in at 50.4, up from 49.2 in March. Friday's reading marked a six-month high for S&P's manufacturing gauge.