Oil Is Now More Volatile Than Bitcoin

Prices, however, managed to slightly recover from the lows to settle at $51.43 per barrel--still bad enough for its worst day since Jan. 8--after Saudi Aramco CEO Amin Nasser reportedly said that the coronavirus impact will be “short term”. Nasser said that Aramco has not evacuated its staff from China.

Right now, there’s plenty of uncertainty in the oil markets with very little clarity regarding if and when the outbreak will be brought under full control. 

While the Aramco chiefs expect the situation to have normalized during the second part of the year, others contend that the situation remains tenuous and the outbreak could rebound when Chinese residents return to work and school.

Monday’s heavy selloff suggests that the bears are the ones holding sway right now, while trading in oil has suddenly become a (fabulous, for some) game of volatility that makes it as exciting as crypto. 

1 2 3
View single page >> |

Disclaimer: OilPrice.com provides background information on oil and gas commodities and related companies. It also offers direct links to the web sites of the companies concerned where ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.