Showing posts from October 30, 2022

Has the oil price found the direction - finally?

The price of crude oil, which almost mimicked a turbulent whirlpool in a swollen river for the past few weeks, finally seemed to have found a certain sense of direction. For three successive weeks, it has been rising despite the endless gloomy, economic news that has cast an ominous shadow across the globe: the unprecedented interest rate hikes, rampant inflation, stagnation of the tech sector and the relative apathy of consumers for spending, to name but a few. Against this backdrop, the frequent, random lockdowns by China, the world's largest importer of crude oil, hardly helped resurrecting the sentiment in the oil sector. There are, however, encouraging signs that China is finally relaxing their rigid Zero-Covid approach in order to minimize the inevitable, collective economic cost associated with it; the reported relaxation of the curbed imposed on air travel over Covid-19 is a case in point. In another development, Saudi Arabia, meanwhile, reduced the price of crude oil for A

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