Weekly Analysis of OIL

The XBRUSD finished last week just below multi-year highs at 84.90 USD per barrel. 


There is bullish sentiment on the oil market caused by low supply packed by concerns from investors that demand disruptions from the COVID-19 pandemic may not be over.

BEARISH TRIGGERS
Prices pulled back from highs after German Chancellor Angela Merkel said the pandemic is not yet over.

BULLISH TRIGGERS
Oil prices have been boosted by worries about coal and gas shortages in China, India, and Europe, making some power generators switch from gas to fuel oil and diesel. U.S. Energy Information Administration data showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018.

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