Another big wave of recession fears hit the market today. Everything downed except the US Dollar.
The Chinese government is ordering a kind of regional lockdown, not the kind of full lockdown as last time but it’s still called the lockdown and people would rather stay at home than be forcefully separated by the police on the street.
Once again, recession fears pulled down the global market.
The crude oil market fell more than 7% today and based on the Brent oil futures market, ended at $99.31 per barrel. Nothing really changed a lot from yesterday.
The only difference was the Chinese lockdown situation. They’re officially adopting a new lockdown policy. “ Do not move around “
Biden is going to visit Saudi Arabia this week, to talk about a more stable and enough oil supply to the market but not so sure what he can get this time. Demand destruction is the only theme for the day.
