"Demand Destruction" too much volatility for the market 10% ups and downs.
Banks/investment companies will probably not support bull run OIL anymore, with index on fall, VIX on spike. SA and Russia have said they will increase production if needed, they dont want demand destruction. Who want to bet on fast run that will end fast anyway and risk of burn.. 10% volatility in a couple of days in oil. Spike in USDCAD today. I mean too much uncertain to support any investment at this time. This is my view, do your own. My view is that this will make more bearish scenerio then bullish. Retail traders will buy, big companies will sell because of news. This might be the sell we saw before this run in Brent. I will short this 2% peak in oil and long USD/CAD hope for the best. these 10% volatility is showing too much greed and scared market. Iran down to Zero is like screamning "demand destruction". Have a nice day!