Long petrol queues resurface at Christmas time. Its Deja vu. Is this a politically motivated sabotage or a market aberration?
Structurally there is a enough supply in the market. However, restricted supply with pent up demand will create economic distortions.
In the global markets, Brent slipped to $62.45pb as US oil rig count increased to 746 rigs, the highest level since September 2017. This comes as a response to OPEC’s decision to extend output cuts.
Attached is a synopsis of the commodities market for the week
Enjoy your read!