Oil futures are trading at their lowest level since September amid swelling Covid-19 cases in China and aggressive monetary tightening by central banks.
Crude is trading below several key moving averages, sparking so-called technical-based selling, against a backdrop of elevated speculative long positions. A further collapse in the market’s structure on Friday has added to the selling.
“There’s a lot of confusion in this market right now,” Amrita Sen, chief oil analyst at consultant Energy Aspects said in a Bloomberg TV interview. “Yes, demand in China is weak and this is something we’ve been saying for some time. Coronavirus cases in China have climbed to near their highest level of the pandemic, as authorities signal they’re preparing for even more infections. The increases will likely prove a test for any loosening of the country’s Covid-19 rules.
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