The commodity has fallen back into the pre-war trading pattern.
Supply, demand and timing are what matter for this commodity.
Covid and Ukraine have just brought the time line closer to the dollar's ultimate demise.
Religious values vary, but the returns tell undeniable truths, as we find with the Sharia-based Wahed FTSE USA Shariah exchange-traded fund, or HLAL.
Shares seem bound to finally see the breakout in terms of price.
If the market is really as tight as the analysts claim, then why is the price not moving much higher?
There is no shortage of oil, it's a timing game being held back for as long as possible to get the best price possible.
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.