Oil price sells off more than 5% on wishful thinking that the conflict between Hamas and Israel is 'contained'. No sign of a global slowdown or recession, rather flatlined GDP and imbedded inflation. Oil is bid over $81 pb.

The oil price failed to reach $90 per barrel on the 20th October, collapsing over 5% to $82, which is indicative of profit taking rather than any clear indication that the conflict in Gaza, between Israel and Hamas has been 'contained'. Unless a ceasefire is called for humanitarian reasons and at this point the West, who are backing Israel's war are reluctant in pressuring Israel for a ceasefire.  

Also, at this point in time there doesn't seem to be a global slowdown and my call that stagflation/inflation remains, which is now so entrenched into the global economy, that we may never see GDP negative, nor see GDP rise any more or less after its sharp rise in 2021 when the lockdowns ended.  Just a flatline economy.  That in turn, due to ongoing costs and supply chain issues, that a higher oil contributes to, we may never see the oil price at $50 pb or lower. It all points towards a stagnated and cost inflated world, ad Infinitum.

Support for the oil price is at 81, resistant at 90.  Bid at 82 on geopolitical/middle east issues