Crude oil has fallen nearly 25% from its October highs due to uncertainty surrounding OPEC+’s output policy decision and amid recent growing fears over omicron COVID variant. Prices were also pressured as the Biden administration tightened travel rules to and within the U.S., requiring all in-bound international passengers to test for COVID within 24 hours of departure. It is my opinion that these negative tailwinds are done being priced in by the market.
Opinion: Crude Oil $USO has Bottomed (2021)
Opinion: Crude Oil $USO has Bottomed (2021)
Opinion: Crude Oil $USO has Bottomed (2021)
Crude oil has fallen nearly 25% from its October highs due to uncertainty surrounding OPEC+’s output policy decision and amid recent growing fears over omicron COVID variant. Prices were also pressured as the Biden administration tightened travel rules to and within the U.S., requiring all in-bound international passengers to test for COVID within 24 hours of departure. It is my opinion that these negative tailwinds are done being priced in by the market.