Oil prices traded down for the day as the market is back in wait and see mode. Japan, the world’s No.4 oil importer, is expected to announce a third wave of lockdowns affecting Tokyo and three western prefectures.

Demand jitters were thrust back into the spotlight yesterday amid a sharp rise in global coronavirus cases. Nowhere is this more obvious than in India,

Given India’s position as a major crude oil importer in the world, new restrictions would be very bad for the energy complex

Oil prices traded down slightly but closed up for the week as financial markets hit new records and we had some positive economic data from the US. US retail sales surged in March, up 9.8%, much better than expected.

Oil prices rallied today, buoyed by a strong crude inventory draw which is boosting optimism about rising demand.

“We’ve been trading in a range, and need clear demand data and direction on U.S. inventories to break out of this trough,”

Geopolitical tensions are rising as Yemeni rebels attacked Saudi refineries and an attack occurred at an Iranian nuclear facility

Oil prices edged lower today as both contracts were set to close down for the week. Oil seems to be in a wait and see mode as the market balances inventories, rising OPEC production, the global vaccine rollout, and other geopolitical issues