Oil prices – G20 meeting

Oil prices have declined 32% from the recent peak – the worst since the oil price recovery in 2016.

Two takeaways:

  1. Oil is forecasting weaker global economic outlook
  2. Geopolitics in play and we could see a rebound soon – this thesis is that Saudi Arabia was pumping at record highs in Oct and Nov 2018 ahead of Iran sanctions which did not remove as much as anticipated due to the waivers by the US.