MIsh: Trading Oil in Yuan, Would it Matter At All?

Not a Zero Sum Game

It seems that Saudi Arabia understands something that Trump doesn’t, that Biden doesn’t, and Xi doesn’t: Trade is not a zero sum game. There are not big winners and losers as Trump believes.

Second, Reuters reported, a Saudi source told Reuters that a decision to sell small amounts of oil in yuan to China could make sense in order to pay Chinese imports directly, but "it is not yet the right time".

Selling small amounts of anything in yuan does not do anything but allow Xi to gloat over nothing.

$BRENT daily, weekly, and monthly charts

I am looking for a downtrend reversal in oil very soon. Don’t let the recent downtrends in oil fool you to not look over the oil charts. When we have downtrend reversal in oil this time, I’ll play $MPC with calls, just like I play $OXY.

$WTIC daily, weekly, and monthly charts

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