Oil went for the 2nd weekly gain after it broke out from a symmetrical consolidation.
Demand for oil continues to rise as major economies open up and traveling returns.
In a post-pandemic period, the global economy will be on a strong footing on a recovery cycle and we are probably far from over.
While oil prices have continued to climb through the week, we are expecting some sort of major pullbacks as it is about to reach the 21st-century equilibrium level.
This week, we will continue to be patient and wait for significant pullbacks towards the 67 - 66 demand zone before buying again.
Demand for oil continues to rise as major economies open up and traveling returns.
In a post-pandemic period, the global economy will be on a strong footing on a recovery cycle and we are probably far from over.
While oil prices have continued to climb through the week, we are expecting some sort of major pullbacks as it is about to reach the 21st-century equilibrium level.
This week, we will continue to be patient and wait for significant pullbacks towards the 67 - 66 demand zone before buying again.
