The substantial fall of US crude oil stockpiles has
not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad
of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
· The
Federal Reserve makes it known the inevitability of its continuing support to
revive the battered economy
· The
outbreak of Covid-19 clusters again in China in the middle of winter
· The
reluctance of the Chinese to travel and engage in shopping with the arrival of
the Chinese New Year
· Intense
lockdowns in the US and China
· The
logistical problems faced by Vaccine producers
· The
lingering doubts about the efficacy of existing vaccines against new variants
of Covid-19
· The
advice against unnecessary travels within or outside the borders by European
countries
· Less
traffic on the road with air travels at a bare minimum, mainly for vital cargo
transportation
