Oil Price Analysis

date: 15 March 2021

Crude oil prices in the United States remained relatively stable after seven consecutive weeks of weekly increases and then declined to 66 $ range then approached again to the range of 70 $, After the Approval of US aid economy, the expectation for a return to the economy has increased, which has led to increase in demand for oil .

On the other hand, in the meeting of the OPEC and Russia leaders approved that there will be no increase in production in this period, the possibility of raises in price has already been more likely.

Expectations for conditions to return and prices to rise in the second half of the year are higher than expected. Technically, oil has reached a significant resistance of 71$.