date: 16 February 2021
Oil prices peaked after Saudi Arabia and OPEC production fell after the outbreak of the Corona virus. According to the previous Oil prices analyses, oil was able to break its negative trend line with strength and reach the range of 63$ per barrel. It seemed that we would see an increase in Oil prices, given the improving demand of India, China and the improving economic situation.
Oil could fall as low as 61 $ and then move toward the 70 $ channel. If it crosses the 71 $ price, oil has no particular resistance and can enter the 80 $ channel after a while.