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  • Monday 13 April 2020

    Oil Prices Expected to Rise

    The price of the US oil has dropped significantly since the beginning of this year as the coronavirus pandemic escalated, at the other hand a heavy oil war which involved Saudi Arabia and the Russian government caused the global oil price to be unstable leading to a fall of up to 65%.

    OIL price has dropped at a very huge rate in the most recent weeks and we are currently on recovery as Saudi Arabia, United States and Russia have been having talks on preventing the fall of US Oil which has given investor more confident on the recovery of oil prices.

    Recommended Article: Russia–Saudi Arabia oil price war

    Technical Analysis
    looking on the technical the price of oil has dropped at a significant rate, currently the price of US OIL has shown recovery in which we are much likely see prices getting back to normal by end of April.

    On the chart below we looking for the price of oil per barrel to close above 30.10 which will confirm a further buy on the markets, it is also possible the price might retrace back down to 25.71 where we will be much likely to see more buyers entering the markets.

    Sifiso Nkwanyana

    Author & Editor

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