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Md's avatar

Just as everyone was premature in saying oil will go immediately to $200, they are also premature in saying oil will come straight back down. You only need to look at previous examples of oil price spikes to see that it often consolidates for a while after a major move up.

Look for oil to settle down for a bit before picking back up again in q3. Maybe china will start importing again, and maybe the straight opening takes much longer than hoped, and maybe there are some signs of shortages. Any number of narratives, but the narrative will likely follow the price.

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