Oil Price Analysis

date: 27 January 2021

Oil prices have increasing process from the beginning of week. By increasing the number of people who got Corona virus in China (as a largest consumer country in energy), Oil prices came under pressure last week.

Libya and Kazakhstan oil production cut off along with the decline of the OPEC Plus group and the weakening of the dollar, led to an increase in oil prices. The number of US oil rigs is expected to increase this week, which it causes an increase in production and supplement until the beginning of spring.Oil has been fluctuating in the range of 55-57 $ for a while.

It seems that oil can reach the 58$ range this week, and if this price stabilizes, the probability of reaching the 61.5$ target will increase. Oil is expected to move in the 59-60$ range this week.