The West Texas Intermediate Crude Oil market has jumped quite significantly Monday as the trip to Saudi Arabia proved fruitless for Joe Biden. After all, there was always a potential concern that the Saudi government would start to pump more crude oil, but they essentially rebuked any overtures from the West.

Because of this, crude oil has seen a nice rally, getting over 4% for the session. The question now is whether or not we are going to start focusing on lack of supply, or lack of demand? If we are in fact heading into a recessionary environment, there will be a severe lack of demand for the commodity. If that’s the case, then we will obviously fall over the longer term.