Uncommon truths Is oil cheap at $20?

A stopped clock can be right after all. Since 2014 we have spoken about the need for oil to fall to $20 per barrel before we would consider the bursting of the earlier bubble to be completed (see $20 oil, why not?). We didn’t expect it to happen this year but Covid-19 and the spat between Russia and Saudi Arabia saw WTI touch $20 on 18 March 2020. Are oil and oil assets now good value?