What a year for oil prices it’s been! After a massive bear market and spectacular reversal in April OIL.WTI has been rallying incredibly and has just tested $40 for the first time in 3 months. This equals a gain of over 100% in just 5 weeks! Will this rally last? The OPEC+ has just extended production cuts for another month and investors hope that economic revival will boost demand. On the other hand, US production is set to increase with prices close to present levels. Having said that, the trend is strong and there are no clear signs of reversal – at least not yet.
