Russia’s Flagship Oil Is Trading at Half Global Prices With Russia selling Oil for
$38 why would countries buy our Oil at $76? and when demand starts to improve it'll be Russian Oil being bought there are a lot of reasons still pulling Oil lower, it will take time for China to start posting higher manufacturing numbers remember that China is COVID sick and that has everything to do with manufacturing as we have witnessed on our own but China has been fighting COVID 3yrs so trying to sell the world that things will return to full strength while the country is experiencing ragging COVID cases along with increasing deaths is a hard sale. We all know that the US wants lower Oil and they expect it saying that SPR will wait for $70 Oil to refill and Biden will support Oil at $67 from further erosion we trade on their watch plus we can't forget about a Central Bank-induced recession slowing any global growth and whats with US Oil Stock having such a huge surplus, so we have had a few days for the markets to look at China reopening and Oil really hasn't taken off from $74 during this development leaving Oil limping around.
Russia’s Flagship Oil Is Trading at Half Global Prices With Tiny Pool of Buyers - Bloomberg