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Here's Why Oil Is Unable to Rally Despite Low Inventories

·3 min read
Here's Why Oil Is Unable to Rally Despite Low Inventories

The long oil call has been the most covered story since the Russian invasion of Ukraine. Calls of oil heading to $150 to $200 were echoed across trading floors when the Russians walked into Ukraine as the market grew worried that all 10 mbpd of Russian oil would be lost forever from the market as the rest of the world put sanctions to limit Russia's reach. As China and India soaked in the cheap Russian barrels, it became apparent that the Russian oil would not be lost, it was just getting re-routed as the global alliances were shifting.