What Trump’s Positive COVID Test Means For Oil

I don’t want to brag (who am I kidding, of course, I do!) but last week, with WTI holding just above $40, I predicted that a significant drop was coming. That was on Friday, and here is the chart for the main crude oil futures contract, CL, since Monday…The three factors that I highlighted in that piece, a weak economy prompting demand fears, political uncertainty, and over-supply, all combined to cause the initial move down. However, those losses (or gains for those of us that were short or trading with a short bias) were added to…