OIL PRICE BULLISH TREND DIMINISHED THIS WEEK

23.12.2020
Technical Analysis
23rd Dec. - The increase in oil prices that has occurred since March 2020 stopped this week. Global oil prices failed to break the $ 50.00 per barrel level and returned to around $ 46.30 today.

This fall coincides with the latest report on the emergence of a new Covid-19 variant in the United Kingdom. The United Kingdom government was forced to take drastic measures by imposing a nationwide restraint order after concerns over the rapid transmission of Covid-19 associated with the discovery of new variants.

The price is expected to drop to the level of $ 44.00 per barrel which is the support price level in the last few weeks. The latest developments in the success of the vaccination program as well as the Covid-19 pandemic situation will determine the direction of global crude oil prices.



--------------------------

AHMAD FAIZUDDIN BIN RAZALI

CHIEF ANALYST OF CDG GLOBAL