The Saudi's and the Russians knew that the POO was going to fall out of bed due to Covid 19 measures suppressing demand, so, they concocted this little bunfight to change the rhetoric of the headlines and screw the Shale industry in the U.S. There are rumours that China is stoc\king up at these levels as they believe the situation is temporary. Japan, South Korea and others seeming to get in front of the virus situation, but instead of it being a demand lead slump in Oil demand, it is a supply lead conflict between the major suppliers. Whatever you believe, it is proof that the Saudi's and Russians are the big dogs in the energy markets. The high costs of shale extraction (relatively) will tend to make the U.S a swing producer, not a price maker
BPT Price at posting:
$1.23 Sentiment: Buy Disclosure: Held
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