Oil Commodity – Brent Crude Oil

We have decided to take short position on Brent Crude oil. Although there have been several attempts
by the OPEC+ members to cut back supplies, several new riggs in US have been functional again to
fuel the ongoing “global wars” and inventories have been built up in the U.S off setting any impact
the supply cut back has on the oil prices.
Furthermore, China; the global oil consumer, continues to receive oil from Iran as part of its
diplomatic ties and has had a low oil consumption due to its internal recessive tendencies such as the
housing market severely scaling down and high inflationary pressures.
There has, however been a slight oil price appreciation on Nov 16 to $80.585 from $79.216. This, we
believe has only been due to increased trading at lower prices of oil, and price resistance from this
materialized. Therefore it not hold a lot of significance in the general downward trend and we will
continue our shot selling position till the end of this week.