Big lie in the oil article this morning in investing.com Lie Oil prices traded sharply lower Tuesday, the day after Germany, the largest consumer of crude in Europe, confirmed that it would be extending its mobility restrictions to combat the third wave of the virus currently hitting the continent.
Wow 80 million people, 1% of the word population 'extending' restrictions and the oil is down 4%. BUT.......
In the same article it says But travel and consumption patterns in the world’s top oil consumer, the United States, and in the world’s top oil importer, China, point to recovering demand for petroleum products. Those two countries—major consumers of crude—could lead global oil demand out of the woods and lead the global consumption rebound later this year.
Travel statistics show that U.S. consumers are driving and flying this month at the highest rate since the pandemic forced the United States into stay-at-home orders and lockdowns in March last year. Chinese demand for road fuels is back to pre-COVID levels, with airline travel also rebounding from last year’s lows.
Wow 2 billion people are getting great news for the economy and oil 33% of the world population and its picking up.
So why is oil going down? Gemany temporarily easing restrictions? Give me a break
That is what I mean.