After oil prices skyrocketed to three-digits adding up to about $140 per barrel, U.S. oil dropped more than 8%, breaking below $100 per barrel. Senior energy trader at CIBC Private Wealth U.S., Rebecca Babin, noted the decline could be attributed to a mix of geopolitical and demand factors in the economy. While Russia continues with its invasion of Ukraine, China’s economy has come to a screeching halt following another round of quarantine lockdowns due to Covid-19. “We have a demand scare for the first time in a while,” stated John Kilduff, partner at Again Capital, an investment advisory firm. “The Covid lockdown in China has spooked the market,” Kilduff added. An article published by CNBC takes a closer look at the recent trends within the oil market.
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