Germany’s extended lockdown measures have dealt a cruel blow to oil markets, but there could be more pain to come.
Germany extended lockdown measures through April 18, and harder restrictions in place through the Easter holidays have dealt a cruel blow to oil markets.
is trading down close to 4 per cent before the New York open when the meat of the oIl futures treading market kicks into gear. Still, the prompt contract remains above Thursday’s intraday low of 61.45.
The pattern, in general, has been for the markets to pare back on initial lockdown announcements but then to recover. However, there are more worries at the moment about a lagged rise in US covid cases to follow in Europe’s footsteps due to Spring Break festivities. So there could be more pain to come.
The thought of the US shuffling back into the Covid lockdown abyss, even a soft shuffle, is having a seismic effect through oil markets today.
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