Eyes on oil again! Trading Views and Ideas, 04.06.2021, by Mario
Wow it was a crazy week for oil..! Quite volatile I would say! However, the market moved eventually as expected, quite rapidly though to significant high levels. I wasn’t expecting such a big rise so soon.
Previously we said: “Falling below 65 USD per barrel would give me negative signals relating to an oil demand boost” > Which of course did not happen. Instead the price started to rise as per my expectation to higher and higher levels, from 65 USD per barrel to over 69 USD per barrel.
I would expect the same level of lolatility upwards. OPEC ofcourse can affect the price quite significantly at any time so we have to keep a good eye on their actions and intentions. For now, demand for fuel and services this summer seems to give a good boost and supply could fall short. My initial thoughts were 75 USD per barrel in middle of August and still support it.
#forextrading #currencytrading #forexmarkets #forexeducation #forexanalysis #forextraining #index #indices #stocks #investment #onlinetrading #oilprices #oilmarket
Previously we said: “Falling below 65 USD per barrel would give me negative signals relating to an oil demand boost” > Which of course did not happen. Instead the price started to rise as per my expectation to higher and higher levels, from 65 USD per barrel to over 69 USD per barrel.
I would expect the same level of lolatility upwards. OPEC ofcourse can affect the price quite significantly at any time so we have to keep a good eye on their actions and intentions. For now, demand for fuel and services this summer seems to give a good boost and supply could fall short. My initial thoughts were 75 USD per barrel in middle of August and still support it.
#forextrading #currencytrading #forexmarkets #forexeducation #forexanalysis #forextraining #index #indices #stocks #investment #onlinetrading #oilprices #oilmarket
