WoW what a wild ride for GameStop stock in the last month isn't it? Shares of the aging video game retailer shot up from less than $20 at the beginning of the year all the way to a peak of $483 on Jan. 28 thanks to a massive short squeeze organized on Reddit's WallStreetBets board. However, since that peak, the trade has quickly unraveled with GameStop shares closing at $92.41 on Feb. 3, wiping off more than 80% of its value from the top less than a week ago.
Refiners in China are increasing imports of crude oil as they look to meet growing domestic demand, driven by increased activity in their industrial and transport sectors. China reported GDP growth of 2.3% in 2020, with fourth-quarter GDP coming in at 6.5%, after it succeeded in getting COVID-19 cases under control early in the year, enabling it to lift lockdown restrictions and allow economic activity to resume.