Speculative appetite – also called ‘animal spirits’ – is holding effective control over the capital markets. Despite regular warnings over the health of the global economy and infighting that suggests there is little capacity or will to fight future fires, the markets continue their advance in pursuit of capital gains.
Can the downward pressure on crude oil prices from weakening global demand be offset by the stimulative measures from OPEC+ cuts, and from US-imposed sanctions on Iran and Venezuela?
Venezuelas oil shipments have reportedly fallen sharply since the US hit the country with energy sanctions.
The fundamental environment will grow increasingly tumultuous over the coming week. We wil continue to sort through general themes like the lifting of the US