Should Oil Investors Prepare for a Pullback in Prices?
- Mar 15, 2021 5:59 pm GMT
The price of oil has rallied to a new 28-month high of about $65.93 for light crude oil and nearly $70.00 for brent crude oil. The current rally is one of the sharpest that the oil market has experienced since plunging early last year.
The rally is primarily driven by the OPEC+ members’ decision to keep the production cuts going despite the expected recovery of the demand markets. As such, it makes sense that investors view this as an opportunity to invest more in oil and gas products going into the second quarter of the calendar year.
However, oil prices are bound to pullback at some point as they have demonstrated over the years.
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