OIL PRICE IS TRADING AT $ 44.90 TODAY AND IS EXPECTED TO BE STABLE AT AROUND LEVEL $ 40.00 – $ 45.00

27.11.2020
Technical Analysis
Global crude oil prices rose sharply in November 2020 due to market optimism over the Covid-19 pandemic situation which is likely to end soon following the discovery of vaccine-for-virus reports.The highest price recorded this week was around $ 46.20 on Thursday and is back down slightly today to $ 44.90.Prices are expected to stabilize at around $ 40.00 - $ 45.00 for a period of time. If the development of the Covid-19 pandemic improves and news of the Covid-19 vaccine emerges, market optimism will increase and prices will likely rise again.Oil prices depend on the Covid-19 pandemic situation and if the situation shows signs of recovery, the economy will reopen completely and will increase demand for the fuel while raising oil prices in the market.
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AHMAD FAIZUDDIN BIN RAZALICHIEF ANALYST OF CDG GLOBAL