A Close Up view Of Oil’s Resilience In 2020

A Close Up view Of Oil’s Resilience In 2020

A close up view of oil’s resilience in 2020 will take new traders through a crash course on the major drivers and deterrents of oil prices. I.e. provision to supply and demand in efforts to maintain price stability.

However, OPEC & OPEC+ efforts are often met with lingering challenges, which on several occasions has “hijacked’ prices and through traders into untamed oil pools with low visibility.

 

Today, investors will focus some of their attention towards upcoming oil reports from the Energy Information Administration (EIA). for the weekly Oil and Gasoline Inventories  as well as the Baker Hughes Rig Count for updates on US shale expansion. 

 

It is noteworthy to acknowledge the sentimental tidal change caused by the elimination of one of Iran's top generals by the US could prephas fuel more tension in the region.

 

Panic stricken traders jumped into a buying spree, sending prices from the day’s open at 61.20 to highs at 64.08.

 

Analysts ruling out any immediate retaliatory action from Tehran, may keep prices capped in a range between 61.12 - 64.12 

Plan Ahead

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