The substantial fall of US crude oil stockpiles has not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
- · The Federal Reserve makes it known the inevitability of its continuing support to revive the battered economy
- · The outbreak of Covid-19 clusters again in China in the middle of winter
- · The reluctance of the Chinese to travel and engage in shopping with the arrival of the Chinese New Year
- · Intense lockdowns in the US and China
- · The logistical problems faced by Vaccine producers
- · The lingering doubts about the efficacy of existing vaccines against new variants of Covid-19
- · The advice against unnecessary travels within or outside the borders by European countries
- · Less traffic on the road with air travels at a bare minimum, mainly for vital cargo transportation