In this edition of Market Bites, we will analyse the reasons for Crude Oil to bubble to 13-month highs and share where prices may head to from here. Read on to learn more.
Crude oil prices have rallied at a very fast pace, appreciating 30%, since November 2020. Prices seem severely overbought on the technical charts and are due for a pullback. Though, fundamental drivers are pointing to further appreciation of prices, there is potential for prices to go either way in the near term. The mid-term outlook though, is bullish.
The near term target on the downside is $50 a barrel, minor support lies at $54 a barrel. Top side prices may move up to $70 a barrel.
Capture opportunities in Crude Oil
Phillip Futures offers the following Crude Oil products:
- NYMEX WTI Crude Oil Futures
- NYMEX E-MINI Crude Oil Futures
- NYMEX Brent Financial Futures
- ICE Mini Brent Crude Futures
Should you have any other Crude Oil trading related query, you may contact the Client Service Team at email@example.com / (65) 6538 0500.