Support for the US Oil market from low prices
So, a couple of things to watch for oil. Firstly, if China decide to stock up their reserves then expect a similar spike in oil as when the US topped up their reserves. If you have a news squawk then keep it on. Secondly, expect any spike to be sold into as the main issue remains – demand falling as the entire globe stops moving fluidly on these coronavirus fears.
I still like the potential of some oil bargains and still have pending orders down at $11.50 now. Check out my article from last week, still relevant today.