And, oil has been in a bull market, and it’s basically, you never hear anything about it.
Oil has indeed been on the rise for several weeks now, spurred by reopening economies that have pushed up demand considerably.
However, even last week, when the chances of additional supply from Iran seemed greater, oil was trending higher as the strength of demand recovery more than offset any possible worry of excessive supply.
“Our first detailed look at 2022 balances confirms earlier expectations that OPEC+ needs to open the taps to keep the world oil markets adequately supplied.