GLOBAL CRUDE OIL PRICE IS EXPECTED TO APPROACH THE $ 50.00 PER BARREL

15.12.2020
Technical Analysis
15th Dec. - The start of the Covid-19 vaccination program gives new light to global economic activity. Several countries have bought and started this vaccination program while hoping for economic recovery in the near future.

Demand for crude oil is expected to continue to increase over time after the vaccination program begins on a large scale and has the potential to further raise global crude oil prices.

Currently, crude oil prices are trading at around $ 47.00 per barrel compared to $ 35.00 per barrel in November 2020. Prices are back up and are now approaching the previous highs at around $ 50.00 per barrel.

The price is above the Moving Average Period 14 line, indicating still in the bullish momentum mood at the moment.



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AHMAD FAIZUDDIN BIN RAZALI

CHIEF ANALYST OF CDG GLOBAL