This is more about covid than OPEC+
OPEC+ delivered some stability to the oil market on the weekend but covid-19 is delivering fresh worries about global growth.
It feels like we're staring into the abyss somewhat on covid, with variants undermining progress and raising question about whether we'll ever really get back to normal.
The oil market is absolutely taking it on the chin, falling more than 6%.
There's a messy head-and-shoulders top above $70 and the target of that is $66 and that's where we might see some support.
At the moment, there aren't many places to hide.
