Oil has very high demand elasticity.
What causes oil price downturns is never a demand response (except for Covid, but let’s face it, that was highly abnormal).
What brings down oil prices is increase in supply.
But this time is different - there ain’t no additional supply to come on line.
Witness the discussion in this thread, as well as OPEC having no spare capacity, as well as intensifying ESG pressures.
As well as the multi-decade low level of global oil inventories today due to supply not being able to keep up with demand.
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