The article by Bloomberg’s commodities expert, Kemp, discusses the recent shift in the oil market. Oil bears, who had been predicting a decline in oil prices due to the economic downturn, are now becoming cautious. This change in sentiment is attributed to the easing of financial market strains, which has reduced the pressure on oil prices. The financial market’s volatility has been a significant factor in oil price movements, and as this volatility decreases, oil bears are reassessing their predictions.

The article highlights that oil prices have been relatively stable despite the economic uncertainty. This stability is partly due to the ongoing supply disruptions and the ongoing efforts by OPEC+ to manage the market. Additionally, the recent decline in the U.S. dollar has also contributed to the stability in oil prices. However, the article notes that the oil market remains sensitive to changes in financial market conditions and that any significant changes could impact oil prices.

Overall, the article suggests that the oil market is becoming less bearish as financial market strains ease, and this shift in sentiment could lead to more stable oil prices in the future.