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Why the drop of crude oil inventories did not excite markets?

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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

 



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