Oil

Oil prices rocked high to $44.50 and walked out the past week with almost $44. An announce of support turned to be the aching OPEC plan for a meeting in May. This factor is not the only glint that walks alone. Vital signs popped along with advantageous data from China, where imports in March shined with historical levels of 7.7 million barrels, or 21.6% more yoy. 

The Doha soundtrack is fading away even a bearish echo interfered the market participants.

A kind of versatility glowed up with some short-term rays brought by the big supply disruption in Kuwait and further declines in US production.

But clouds over the greenback usually tremble the oil market. Last week the US dollar crumbled down and investors reconsidered their track after pushing prices to 5-month highs.

Today the futures for WTI rolled down with 1.92%  to trade at $42.80, Brent slid with 1.02% to $44.65.

The picture can not come alive without fundamentals. On Tuesday and Wednesday latest US supply trends are due. This will be carefully followed by market participants as a small impulse may stir the markets.

The oil prices fell to extremely low levels with lost track of speed. This in fact turns to be an oversold tool and a momentary price increase is quite likely.

So until my words dry out, oil market suggests developing potential, that is not put in all of the papers.