109 days ago • Posted by Ajmir Omid
Oil set to hit USD100? #oil #commo #tensions #inflation #trading
Energy prices are rocketing higher since the bottom of the pandemic area. Demand is very strong on the back of the rapid recovery in global economic activity, and in contrast supply is suffering from years long underinvestment in oil exploration and production. Adding to that the recent rising geopolitical tensions between US and Europe with an important oil exporter, Russia, leads Wall Street analysts and other energy institutions to expect supply to remain tight in coming years. Furthermore, the current low open interest on Brent indicates that the price of oil could very likely move higher.