Oil is in an epic battle between supply and demand at the moment.
Indication of supply are tight and weekend news about a strike in Norway and production shutdowns in Libya combined with Chinese reopening optimism to send it $3 higher.
Now though, it’s down nearly $3 to $105.44 on global growth worries. The demand side is showing sign of strain due to high prices.
The latest leg down erases the past two days of gains. Friday’s low of $104.55 is now in focus.