The war in Ukraine continues and some strong signs of a massacre are all around Ukraine.
Chinese lockdown continues as well and looks like it’ll be continued next week. These two factors were the main news of the day and drive the market.
Crude oil price was recovered by 2.2% today. Brent oil futures were ending at $102.78 per barrel today.
IEA members will release their crude oil stocks with the USA and European countries are meeting with the US share oil companies to secure the oil supply.
Besides all these, the Chinese are still in total lockdown practically. However, today’s oil market well recovered because of purely some technical rebounds, mostly.
It looks like China is going to continue its lockdown for another week at least.
That’s including Shanghai and other 23 big cities, with 195 million people. 22% of the Chinese GDP was stopped at the moment. Changchun, one of the main production cities near Beijing has been locked downed over 25 days.
We could find one different thing here from the last week. All those risks and premiums related to the war and pandemics are quickly melting into the daily price movements and become the everyday constant factors. It could mean that people are beginning to forget these factors. That would be a tragedy for the world.
US Stock market showed a kind of mixed close today. DJ Index was up 0.4% but S&P was down 0.27%, and NASDAQ was dropping hard, by 1.34%.