For Oil: Let's Put Austria In Perspective

The price of oil is down on this last trading day of the December contract due to concerns around Covid. Specifically, Austria deciding to institute a national lockdown. That's a scary headline, but according to Goldman, the move in Oil is only justified if we were to take 4m barrels/day off the market. When we put Austria in perspective, it becomes clear this is not the case, and therefore, as Goldman says, this selling is "excessive." I very much agree with this take. In addition, WTI is still far from it's 200DMA, as are several notable stocks like the XLE ETF and XOM. I am adding on this dip to already large positions. We'll see what happens.