It has been one of the most dramatic years for oil markets ever. From demand destruction caused by the coronavirus to the Russia-Saudi price war to US crude prices turning negative.
What does it all mean for the oil industry and ‘Big Oil’?
## Saudi Aramco and Sinopec are not traditionally part of ‘Big Oil’ but they are huge global players worthy of being listed.
The gap above the USD89.37 range high of September is extending.
Momentum is improving on both weekly and monthly charts.
Relative to both the SPX and the Energy Index, XOM is showing fresh signs of outperformance.
This suggests potential for a run towards the USD95.00/55 area, where fresh consolidation could develop as overbought weekly stochastics...