Guyana’s Offshore Drilling Bonanza / China's BSExxon's recent Oil discoveries are huge plus Guyana has some of the lowest operating costs in the region. Higher Oil always sees a boost in exploration with the outcome being extra production. They credit Fridays run on Oil to China
possibly lifting lockdowns or restrictions in the coming months which is an ongoing joke! They have come out so many times with promises that COVID is under control and lockdowns are being lifted only to end up with new cases and new lockdowns so this runup in my opinion will
not last now that Oil is getting to be too high again and what they think is a win driving Oil higher is actually going to work against Oil. Higher Oil will definitely favor and support Biden reasons for NOPEC and any parts of the economy looking bullish will only give a reason for the FED and Central Banks to raise interest rates to slow the economy. Higher Oil leads to higher gasoline and diesel keeping inflation high plus Thursday at 8:30am is US Inflation Rate and Core Rate so the FED will be paying close attention because if Inflation doesn't drop huge after raising rates to 3.75%-4% then Dec could see the FED raise rates by .75%-1% and that will slow the economy as we head into 2023. What China said is BS and you`ll see Oil heading lower again. I would like to see Oil over $95 but that happening in these market conditions with Central Banks slowing the economy will be a stretch.
Beijing quashes market rumours of quicker end to zero-Covid policy | Financial Times (ft.com) Fed warns sharply higher interest rates could spark financial distress - Trades Academy (trades-academy.com) Guyana’s Offshore Drilling Bonanza Is Just Getting Started | OilPrice.com