Why are oil prices trending upwards?

We have again made the right call in 2021 in the oil market. As the year commenced, we at Juwai IQI shared with our valued clientele, through our newsletter, that according to our global market intelligence reconnaissance, oil prices will meander around US$50 to US$70 a barrel and that the forward price curve is very strong in the market.

Oil prices are up 29% trading at US$66.17 a barrel as of Feb 23, 2021. Many investors are now asking me that if higher oil prices are upon us. It looks very likely, but the March 4 Opec meeting is important for the oil market as it provides forward guidance to the investors. Goldman Sachs, UBS and Juwai IQI are bullish on the energy market which is based on a solid premise. The macro landscape for the energy market at the moment is pretty strong and oil prices are heading in the northern territory.

Juwai IQI chief economist Shan Saeed said he has been quite buoyant since November 2020, as he has been sharing in the market with press and media that the most bullish signals are:

1. The geopolitical risk is growing bigger than ever with tight supplies.

2. A depreciating dollar would support the higher price call in the near future.


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Source: The Sun Daily

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