Currently WTI Crude Oil is trading at almost $81 a barrel, which hasn't been seen since Oct 2014. With oil shortage rising in Europe, mainly in the UK we can see oil prices to continue to rise. With the next targets being $88, after which we should see a minor pullback, before it goes to $98 a barrel (as this is a major key level since 2008 - 2014). I've marked them in red circles. We might even see it go as far as $106 a barrel by the end of this year. As we are approaching the end of the year with major holiday seasons coming up and covid slowing down, we should see an increase in travel by road and flights. This should be a main driving factor for oil to continue rising.
Trade closed: target reached:
Geopolitical news fueled crude oil to reach our targets, now we wait and see if we can reach $107/barrel!