Is the Oil Trade Done?
Oil investors have gotten nailed in recent weeks.
As you can see below, after having topped $120 a barrel in early June, West Texas Intermediate crude plunged to below $105 a barrel a few days ago (though it’s been rallying since).
Is the oil trade done?
Well, let’s make a distinction between ‘oil’ and ‘the oil trade.’
In other words, there’s a difference between trying to play the spot price of oil itself and investing in energy companies that do well when oil prices are elevated.
As to the spot price of oil, news this morning suggests a new tailwind for higher prices – Saudi Arabia and the UAE are redlining output.
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