While the markets were spiking last week thanks to some optimism on the COVID-19 vaccine and promising plans to begin a slow reopening of the United States economy, oil is once again marching to the beat of a different drum.
Having suffered the most precipitous collapse ever with prices never seen before and even trading into the negative, something more positive is apparent. This is not reflected in the immediate trading price. Rather, this is being reflected in future expiring contract trading prices attempting to recover.
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