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Oil price recovery: pinning hopes on a single player

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China PMI in February

The hope of investors and analysts in the crude oil markets about a swift recovery of the price of crude oil did not materialize as expected. On the contrary, the oil prices are back in static mode, something then attributed to the fall of China's GDP from estimated 5.4% for 5%. The most significant event this week, apart from the concerns about Chinese economy, is the news about the UAE leaving the OPEC+, something that was later denied. On the basis of 'no smoke without fire', all does not seem to be well in the Middle East as revenues fall.

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