A temporary boost for oil price: the effect of bomb cyclone
As the US braced itself for the so-called bomb cyclone before the weekend, the oil price that has been plummeting for weeks, got a sudden boost and went up. As crude oil markets closed on Friday, WTI, Brent and LNG, liquified natural gas, stood at $79.56,$83.92 and $5.08 respectively. It is obvious, that the arrival of a very cold weather front - and potential destruction to lives, properties and infrastructure - made the investors and consumers nervous that in turn the boosted the price of oil. In addition, some analysts quickly attributed the rise in price of crude oil to the relaxation of rigid Covid-19 rules adopted by China, the world's second largest consumer. What is unclear, however, is whether the measure actually stemmed from the cumulative decline in infections or a knee-jerk reaction by the authorities in response to public anger at the harsh measures taken to combat the spread of the disease. According to the latest media reports, China is not out of the woods yet,
