WSJ – Dow Interview

Oil prices are having their worst day in months, plunging 6.6% to $67.09 a barrel. The selling seems to have begun due to a weekend decision by OPEC and other top oil producers to begin raising production, a move that could quickly begin to loosen a tight global supply market. But other analysts point instead to worries of another full-blown coronavirus crisis. “In our opinion, the fear over Covid-19 variant is responsible for the massive selloff that has created a technical selloff despite strong fundamentals,” says Peter Cardillo at Spartan Capital. “We therefore think the selloff is a buying opportunity that should soon reverse.”