Oil is bringing back the volatility

Oil has gone from the world's most-volatile asset to a sleepy market in the past 6 months but it's showing what it's capable of again today.

The dip to start the week came after the UK lockdown and Libya revealing that it's ramped up production faster than expected. However it began a sharp turn on a report that Russia has discussed the option of delaying the OPEC+ taper until Q2 with domestic producers.

Oil is bringing back the volatility

Oil is now back above the September lows and is testing the 200-day moving average.

This is certainly an impressive run but there are major hurdles that crude needs to overcome in the months ahead. Looking beyond that, I'm a big crude bull on a supply shortage. Here is why Joe Biden could be the most-bullish US President for oil in history.