Oil Prices Remain Excessively Vulnerable To Shocks

Crude oil price started the week on the seesaw, with headwinds and tailwinds battling for control in a persistently unstable market situation. A spike in Covid-19 infections on the one hand and returning optimism on the other pushed oil up and down. This volatility is likely to continue over the next few days as data about both forces continues to accumulate. On the headwind side, global data showed that Covid-19 cases worldwide had risen to over 8 million but what was perhaps more worrying for oil traders were the reports suggesting that several…