Whats driving OilI find the statement from China amusing after being raised in Detroit it was always about cutting consumption with automobiles. The world needs to find the real numbers behind production and consumption because right now no one knows everyone is saying that demand is tightening but yet story after story is now saying that there's a flood of Oil making its way into the market and this is making investors second think where they should be positioned so you're not alone. Oil just hit $77.777 if you're a gambler put your money on?
WTI crude futures dropped more than 1% to around $78 per barrel on Monday as signs of robust Russian exports and persistent fears of a global economic slowdown spooked investors. Russian oil producers have been able to secure export deals despite Western sanctions and price caps on the back of robust demand from Asia. Still, the reopening of the Chinese economy has given markets reasons to be bullish, with Chinese authorities pledging over the weekend that they would promote consumption recovery as a significant economic driver and boost imports. Meanwhile, in the Middle East, Israel carried out a drone strike against a target in Iran over the weekend, fueling fears of supply disruptions. OPEC will also likely maintain current oil production levels when they meet later this week, keeping global supplies tight.