The only thing that can and will crash oil prices again is going to be a strong dip in demand from China. Why do I believe it’s going to happen? Because China is at the moment more of a Potemkin village than a well-functioning economy. It’s still dependent on exports. Many of those domestic market jobs will shrivel and go away when export revenue falters. And with it demand for oil will go away. It’s not IF but rather WHEN and HOW BAD.
Crude oil markets have been jittery lately as additional OPEC+ output counters expectations of continued strong demand and coincides with concerns about the resurgence of Covid-19 in key markets