OPEC+ had a meeting. Brent and WTI prices grew by 1.89% and 1.45%. Tech analysis of oil futures and Exxon Mobile shares.
Colonial Pipeline put its work to a halt due to a hacker attack. Oil prices grew by 1.5%. Fuel shortage on the East Coast interrupted the work of airlines, and a state of emergency was declared in Florida.
Since the beginning of the year, oil prices have grown by over 20%, reaching the highs of the last 13 months. Analysts from the Bank of America and Socar Trading SA are sure that in the nearest future, oil price will reach 100 USD per barrel.
Oil prices have reached their record of the last 13 months. The main reasons sticking to OPEC+ agreements on production, a decrease in the world storage, the stimulation of the US economy, global vaccination, and, finally, record colds in the USA.
Specially for you, we’ve made the rating of the most dramatic ups and downs of prices in 2020. Find out how shaky were Chesapeake Energy, Biogen, Eastman Kodak shares, as well as WTI prices. Try to guess the key reason for such volatility.
Today, we will discuss the interaction and correlation of oil prices and the CAD.
There are several ways of trading oil; an individual trader may choose from futures, CFDs, and options. Whatever type of contract you choose, you will have to analyze the chart of your asset and only then open a position: a buying one if you expect the oil to grow or a selling one if you think it will decline.