The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Will oil rally continue?
Information is not investment advice
Oil has surged to March highs amid optimistic vaccine news and the peaceful presidential transition. Actually, it doesn’t matter when widespread vaccinations will start. What matters is that investors see the light at the end of the tunnel, and they are ready to invest in the most damaged industries such as the oil market as it has a lot of room to grow further. In addition, Biden’s transition brought certainty to the market and triggered capital flows into riskier assets.
According to Bank of America, Brent oil will surge to $60 a barrel by the summer of 2021. Indeed, when the virus gets under control, people will start traveling and the demand for fossil fuels will increase significantly.
Moreover, there are hopes that OPEC+ will prolong the oil production cuts further into 2021. That should help oil prices to revive as well. In addition, China and India issued tenders for oil – the demand is rising. Sounds good, we’ll see what will happen next!
To trade WTI oil with FBS in the current period you need WTI-21F. This CFD will expire on December 18.
Actually, everyone was surprised that WTI oil has managed to break the $45.00 resistance so easily. Now the price is trading sideways just above it, but if it is able to stay in that area, the way to $46.00 and then to the high of March 2 at $47.50 will be clear. In the opposite scenario, the move below $45.00 will drive oil to yesterday’s low of $43.00 and then to the 50-period moving average of $42.00.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
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