Biden and his band of bankers at it againSame pattern. The hired New York traders sit down and get to work on pushing the WTI price down starting at about 715AM. It's important to set a bearish tone for the day. It's not legal, but they are paid handsomely and "it's for the good of the American people" they are told.
I don't know if this narrative is true, but we have seen Wall Street traders allude to some coordinated oil trading and we also know that the democrats have vociferously villainized the oil industry knowing that their future in office is tied to low gasoline prices. So it would make sense.
At the end of the day (whenever that is), fundamentals drown out everything and oil will run free. This effort only makes the oil price problem worse as more oil gets consumed than should be consumed when world stocks are at multi-decade lows.
Desperate opposition means a bullish future for WTI.