Optimism Has Returned To Oil Markets

Remember the article below.
I was convinced at the time that it was part of a "pump and dump" scheme for oil future trades.
Still seems highly unlikely.

and yet, at the beginning of the year, oil was 63.27
it started dropping on Covid fear, and 4-20 it fell off a cliff and by 4-22 it was at 13.78

by May 1, it was 19.78,

by Jun 1, it was 35.44,

by JuL 1, it was 39.82,

and it has stayed in the 38-41 range for the last 22 days.

until the USA gets back to an unemployment rate of less than 7.5%, it is hard to imagine oil over 45. 



oilprice.com/Energy/Energy-General/Optimism-Has-Returned-To-Oil-Markets.html

Optimism Has Returned To Oil Markets

By Josh Owens - Jun 23, 2020, 1:00 PM CDT

Optimism is growing in oil markets as WTI breaks above $41 and Trump hints at a trade deal with China.

While there is a wide spread in oil forecasts for 2020, an increasing number of analysts see $50 as a very real possibility before the end of the year.

The U.S. shale industry is bracing for a wave of bankruptcies as it prepares to write down more than $300 billion in assets.