Crude oil traded on the NYMEX has been trading in a downward channel for over 12 years. The market is on its way to a touch of the upper channel probably by the end of this year, maybe by summer.
The price rise is due mainly to a sinking dollar which is raising the price of all commodities. Demand should also increase as covid lock downs end around the world and travel picks back up again, especially during the summer in the U.S.
I am looking at prices to rise to between 63-64 per barrel, about 30% from current prices. There is also the possibility of a breakout to the upside in the trading channel. In that case the long term forecast would be for a price well over $100.
The price rise is due mainly to a sinking dollar which is raising the price of all commodities. Demand should also increase as covid lock downs end around the world and travel picks back up again, especially during the summer in the U.S.
I am looking at prices to rise to between 63-64 per barrel, about 30% from current prices. There is also the possibility of a breakout to the upside in the trading channel. In that case the long term forecast would be for a price well over $100.