Oil price plunging further
WTI CL futures are down circa $2 on Globex trade … update …. $3 now
The chatter is expressing concern on a couple of fronts:
- China did not set a GDP target for the year. On the other hand the NPC did indicate continued easy monetary policy (more and different forms of easing) aimed at encouraging economic recovery.
- China appears to be signalling a firmer policy on HK - no specifics porovided as yet. This is upsetting Taiwan also.
Oil has seen a huge bid in past weeks as lock down trickle slowly towards openings, prompting views demand will recover. The oil price may have gotten a little ahead of itself in this optimism.