As we enter the 4th quarter of 2021 we see that some countries are imposing strict measures to curb Covid-19. At the same time, restrictions are loosening. thus, allowing economies to demand more oil to fill the need for increased economic activity. We can see that oil has remained in a steady climb with price making small fluctuations. But the trend is bullish as economic activity picks up as travel restrictions are loosened. As can be seen in the chart, there are events that effect the oil price like rebel strikes against Saudi oil facilities. Also, China has added extra inspection measures at its ports which affected the oil price negatively.
I see oil ascending further as global economic activity picks up and restrictions loosened.
Disclaimer: There are amateur opinions.
I see oil ascending further as global economic activity picks up and restrictions loosened.
Disclaimer: There are amateur opinions.