Voltatility in the oil markets still persists
Crude oil price behaved like the movements of a ping-pong ball that hit a wooden floor, having fallen from a moderate height, during the past week – and the two weeks before it; there were endless peaks and troughs on the screens of traders and investors that result in nothing, when subjected to complex, state-of-the-art, modern data-crunching. To put it simply, without a reliable way to quantify the market sentiments and the related political developments, it is next to impossible to infer any conclusions from rapid fluctuations in price movements. The prices became fairly steady on Friday with WTI and Brent reaching $68.44 and $70.59 respectively. Throughout the week, the factors that usually determine the price of crude oil were well at play: the US crude stocks, an anticipated decline in demand in light of the spread of the Delta variant; tension in the Middle East involving Iran, to name but a few. On Wednesday, however, an additional factor came into play. The White Hou