Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
Information is not investment advice
A month after Russia invaded Ukraine, oil markets are still more volatile than ever, with little clarity on how the sanctions will affect Russian crude production as well as global oil demand.
There is no calmness in the oil market; history taught us. Since the pandemic began in 2020, we have seen ups and downs in oil prices, from the negative $37.63 per barrel for May 2020 WTI crude to breaking out of the $100 level this February.
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading between the Tenkan sen and Kijun sen level…
Predicting oil prices is a difficult job at the best of times. Still, it is increasingly difficult as COVID-19 and its variants continue to suspend consumers' plans and disrupt the balance between oil demand and supply.
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair has just eliminated the lower level of the Kumo…
Bloomberg reported that ‘the S&P 500 Energy Index has outperformed the broader S&P 500 by 21 percentage points so far this year'.
What is going on with this energy asset these days, and should we prepare for further falls?