Tale of Two Cities. The majority of global demand for oil no longer comes primary from the United States. I believe the rest of the world IS heading into recession and was before the virus. The USA seems to be bucking that trend due to good policy decisions.
The oil markets are no longer rational and frankly when it comes to markets I don’t believe anymore in rational markets. Oil had no business at $120 and probably is stupid to be sitting at $34.
This could very well take out the Mullahs in Iran.