I'm very bullish on oil. I'm day-trading oil futures contracts upcoming months till it reached around 100 usd.
- The reason why I'm so bullish on it:
From TA perspective: We did break and hold above a huge wedge. And we're looking for new highs now.
From fundamental perspective: - OPEC agreed to not raise oil production upcoming months; - Saudi Arabic is not increasing their oil production as they did in the past against OPEC agreements; - Current oil production is far lower than oil production before the corona crisis; - Oil demand in China, US and especially India is rising quickly; - Corona vaccins starting to pay-off with boosts traveling, economics and production.
Conclusion: My expectation is that the oil demand will be way higher than the oil production. The agreement of the OPEC for not increasing oil production will create a shortage in oil. This with will push the OIL price to new highs.