Crude oil is a political commodity; the price is driven by sentiment, not by demand. Global demand isn't as strong as it seems, and US and non-OPEC supply is still on the rise. There's mid-term pressure building in inventories, and the market is starting to worry about an economic slowdown, but a piece of news can pump it back up. The fundamentals still look bearish, but you can't ignore the hype from the influencers.
US crude oil inventory
OPEC production adjustments
Dollar index
Global PMI
Shipping and refining margins
China's demand recovery level
These are the indicators to watch for the mid to long term, as pointed out by a certain influential trader.
#原油溢价回落
$CL