For now, they have achieved their objective, showing President Biden firmly who is in charge.
Those blindly chasing the reflation trade tick for tick, better pay heed to physical market fundamentals.
It's important to follow the macro trends like growth over value rotation, or reflation vs. deflation trade.
Upcoming catalyst are likely to put the stock on the radar screen of investors.
It seems Saudi Arabia is just buying time to support oil.
There is a lot of oil that needs to be soaked up before we see higher sustainable prices, and meanwhile the Saudi-U.S. relationship is thicker than crude.
For now, recovering from oversold levels makes sense. But is this the start of a full-blown price recovery?
Demand is collapsing from global lockdowns, just as supply is surging from all the major, battle-ready producers, who refuse to blink first amid the price war.
The oil company has been in a sustained downtrend and the latest news from the oil patch will not help.
So what do you do if you own these stocks?