Brent Oil Price Analysis

date: 23 Febuary 2021

Brent oil was able to rise to 65 $ after breaking its negative trend. Due to the cold weather and storm in the Texas state, which is one of the oil producing states of US, by reason of the frost the production of Brent oil 4.5 million barrels per day and the production of natural gas decreased by 21 billion cubic feet, which has reduced the price of oil.

On the other hand, due to the growing trend of dealing with the Corona Virus and the improvement of economic conditions, expectations for the return of demand have grown, which could increase the price of oil.

The OPEC Group has also shown no desire to increase production. Technically, oil is falling to 60.20 $, which seems to be able to move first to 65 $ and then to the 70 $ channel.

Brent Oil Price Analysis-23 February 2021 | www.petrobon.com
Brent Oil Price Analysis-23 February 2021 | www.petrobon.com

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