Oil has reached a nice buy point.
Factors causing Oil to drop:
1. Increase covid cases in India
2. Potential capacity increase by OPEC+
Factors that will drive oil price to increase:
1. Force Majeure in Libya
2. Increased vaccination in US, EU, UK as well as in India.
3. China GDP driving increased demand
4. US driving increased demand
5. Increased geopolitical risks from Iran/Yemen/Saudi. Russia / Ukraine, and South China Sea.
Factors causing Oil to drop:
1. Increase covid cases in India
2. Potential capacity increase by OPEC+
Factors that will drive oil price to increase:
1. Force Majeure in Libya
2. Increased vaccination in US, EU, UK as well as in India.
3. China GDP driving increased demand
4. US driving increased demand
5. Increased geopolitical risks from Iran/Yemen/Saudi. Russia / Ukraine, and South China Sea.
Comment:
Seems like broke support ... so next strong support at 60.7. it will test this support and may even get lower.
Comment:
@lionShiir good point on the ripeness :) but well .. it has bounced back from a strong trendline .... 60.7ish was a strong support from multiple factors. still some more covid news to come and final updates on rig count will give a good demand indication.
