From my point of view, and regardless of OPEC efforts to sustain high oil prices, I think it is about to burst soon as demand is not picking up as expected while new delta variant covid is spreading quickly worldwide (I'm currently suffering it myself!, infected since last weekend).
I think that would be good and helpful for global economies to soften oil prices in order to avoid derailing the global recovery. Inflation is picking up very fast and that could bring more trouble globally in such times.
COT shows that there is a record amount of net long contract way above the average and that is a clear signal that something big is about to happen.
I think that would be good and helpful for global economies to soften oil prices in order to avoid derailing the global recovery. Inflation is picking up very fast and that could bring more trouble globally in such times.
COT shows that there is a record amount of net long contract way above the average and that is a clear signal that something big is about to happen.