WTI oil continues to trade around 72 USD per barrel. Recently OPEC deal cleared out uncertainty about future supply boosts in the oil market. Despite initial selloff as reaction to the announcement of a deal we view this agreement among OPEC as bullish developement for medium and long term price of oil. Rising vaccination rates are leading to higher mobility in...
On 16th June 2021 we said that we might see small and shortlived correction towards 68 USD per barrel. However, USOIL stopped its decline at 69.80 USD on 17th June 2021. Then it reversed back up and made a new peak. Our medium term price target remains at 75 USD per barrel. MACD, Stochastics and DMI are all bullish. Although, RSI remains in overbought zone. In...
