Oil Price Drop: US oil inventories up & correlation confirmed - once again
Among many factors that I follow closely when it comes to oil price, the US crude oil inventories always come at the top. Most of the analysts, if not all, may not take it that seriously, especially when it is drowned out by the factors that create more soundbites and optics. In a turbulent time what we are in now, the US the crude oil stocks has been rising during for the last three weeks, despite the US being nowhere near a full-blown lockdown that we see in Europe. It may be due to anticipated lockdown and rising coronavirus cases, coupled with the US presidential election outcome that may force the White House change the course. Oil price has dropped during the period of last two weeks and the likelihood of hitting below zero as it happened during the first lockdown remain next to impossible. On a positive front, unlike during the first lockdown, people are prepared to get on with their lives as much as they can rather than fretting and fuming over the inconveniences –