There was a lot of red flags in terms of bad stories for the oil market and the oil industry on both the supply side and the demand side in the last week. Probably the worst news story was this one, China Floods The Market With Fuel As Coronavirus Shatters Local Demand
This was also unexpected considering how the Saudis are the lowest cost oil producers in the world: More Than A Dozen Saudi Oil Firms Book Hefty Losses In 2019
Shale Decline Inevitable As Oil Prices Crash
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