Buying oil on the reopening of the global economy and the outbreak of war in Ukraine early in the year was a magnificent trade but the trade in the last three months is a centra-bank led global recession and it's all come undone.
WTI crude rose as high as $80.31 today but as bonds blew out again and stocks sank, another wave of oil selling hit. That left crude down $2.03 to $76.62. That's $1.40 from being flat year-to-date.
The chart isn't going to drop forever but a fall to $60 is certainly looking a lot more likely than a return to $100. Anyone heard from OPEC+ lately? It would be a good time for them to leak a production cut.