Oil Price Analysis

date: 4 March 2021

Brent oil after being able to cross the important range of 61 $, on its path reached to 66 $ price. Due to the freezing of the Texas state and the reduction of production in this state, the amount of American production reached to its lowest level in 13 months.

On the other hand, due to the reached agreement at the OPEC meeting regarding to the fact that, not to increase the group’s production, oil fluctuated a lot and on the last day of trading, it fell by 3% to the range of 64 $. Technically, oil could continue to fall to 62 $ support range. And then, after a long time, approach the 70 $ channel.

The resistance of 71.91 $ is very important for oil, and if this resistance break, expectations for the growth of oil prices will increase.