The oil market isn’t as weak as it appears
By Dr. Cyril Widdershoven – Berry Commodities – Global Head of Strategy & Risk
A slight price recovery on Friday couldn?t save what turned out to be the worst week this year for oil markets.
Brent is currently hovering around $68 per barrel having fallen from a $74 high earlier this year. Increased worries about a possible oil slump, due to the perceived negative impact of the escalating US trade war with China, and unexpected higher stock volumes, have scared mainstream analysts it seems. It seems that the oil market is not being ruled by bulls or bears, but is being sheepish instead.