Oil, volatile but almost flat!

For me, oil has been the most difficult to trade (and the most loss-generating!). However, I am now more confused by the market trends (or no trends). The successive and contradictory announcements of Saudi Arabia- Russia, the Saudi Arabia - Kuwait, then US stock announcements, all apparently failed to move the price one way or the other, there is short term volatility but at the end the price is almost flat just above $40.
If anyone has more insight into the oil market, please give some explanation.

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I’ve found similar to you but very volatile. There are number of factors at play all contributing different things on different days.

In no particular order, supply, demand, OPEC agreements, US Crude oil inventories, releasing of coronavirus lockdowns and probably way more as well. If the price goes up or down there’s generally a reason. At the moment it’s not really moving due to simple supply and demand. According to reports I’ve read demand won’t outstrip supply till the summer at least and even then there is a lot in storage on tankers etc to be drawn down as well. Suffice to say, a lot is dependent on Coronavirus. If all goes well my guess would be the price will start to rise very slowly later in the year.

Please note. I know nothing and I’m not an expert at all!!! Just letting you know my experiences. Good luck.

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A disclaimer :smile:!