wti and brent up 5%Just the start of the steady reversal, imo. Today's move? here's why:
- USD weaker
- Saudies annouce selling at higher price
- Iran oil far far from seeing the markets, maybe never...
- And above all:
"West Texas Intermediate oil futures rose more than $1 on Monday, amid speculation an ongoing collapse in rigs drilling for oil in the U.S. will result in lower production."
https://www.investing.com/news/commodities-news/wti-oil-futures-surge-3-on-hopes-for-reduced-u.s.-output-335759
It will take months to put those productions back in place, from the moment the panic sets in...
All imo.