In what seems like a bizarro world reversal, oil has become more volatile than Bitcoin. Bitcoin is legendary for its high volatility and wild swings in price, although the turmoil affecting global markets may be strengthening its safe haven investment narrative.
OIL MARKETS HAVE BEEN A ROLLERCOASTER SINCE THE BEGINNING OF THE YEAR
Oil markets are one of the world’s most important commodities markets, but recently they have been impacted by the global market panic surrounding the supply chain disruption and recession fears caused by the Coronavirus outbreak.
Indian Oil refineries have been scrambling to purchase discount crude destined for China, amid China’s diminishing demand caused by the crisis. Prices for some grades of crude have declined by as much as 15%.
This turmoil has caused the Oil market’s volatility to increase dramatically. West Texas Intermediate (WTI) oil volatility has risen from 38.7% to 119.6%, although it currently sits at 105.3%. Read More...