10baggerbamm : I don't know what you're looking at we've got a rare Earth mineral deal signed by Ukraine this deescalates that region of the world. while the war is not over it is a huge weight that Putin has to consider he clearly understands now that the US will be involved for many years and decades to come with us companies near their border excavating rare Earth minerals. so this is in my opinion one of the reasons why oil is trading lower because it's de-escalating tensions. you have to understand that oil spiked about $3 last year when Biden imposed sanctions on Russia which prevented them from selling oil and shipping with their 148 tankers I think they have 180 some odd vessels that have been dry docked as a result. when there is a peace deal between Ukraine and Russia negotiated by Trump oils going to drop dramatically because I have no doubt Putin will want the ability to sell oil and use those vessels again which are now prevented from entering international waters. so as quickly as oil went up when the sanctions were imposed oils going to drop when there is peace between Ukraine and Russia. additionally part of the negotiations with the Trump tariff team and other countries is to buy us oil and natural gas. this is not being talked about by the media to any great extent however this is being engineered by the Trump tariff team, what it's going to do is solidify the Petro dollar and it will prevent other nations from transacting oil outside of the US dollar which is what the brick group wants to do. so if the us is going to be exporting more oil and natural gas oil prices are going to fall.
so I don't see anything here as bad news I think it's very good news unless you're an oil driller then you're screwed which is why I've been an advocate of buying the leveraged etf DRIP, this benefits from lower oil prices natural gas prices and lower stock prices of the largest oil companies. obviously when the price of oil goes down these companies are in less money their stocks fall and The leverage ETF goes straight up.
I look at lower oil prices as a benefit to the United States goods do not move around the country using solar wind and rubber band power vehicles. everything is run on oil so lower oil prices equate to higher profit margins for companies higher discretionary income for consumers that fill up one time a week at the pump that extra money annualized can be a few thousand dollars which either gets invested or is spent back into the economy which stimulates GDP.

orangejus OP : Oil price is a direct reflection of economic demand (and OPEC supply of course). I think the prevailing notion is that oil is down as the economy is expected to slow due to the trade war. If yesterday’s drastic drop in GDP print wasn’t convincing enough, I guess we’ll have to wait till retailers start complaining about not being able to stock up inventory.

iamafan : “Saudi Arabia signals it can live with lower prices, sources say”. Market reacted with unconfirmed news. Interestingly the Brent Jun contract expires today, it is a good time to squeeze the longs.