Crude oil prices jumped to their highest level in more than a year, extending this week’s gains to more than $56 per barrel, as investors are confident that OPEC’s oil-producing countries are committed to restricting global supply
OPEC oil-producing countries have promised to continue to consume the excess oil caused by the epidemic, while global inventories continue to decrease
In addition, Saudi Arabia kept the price of crude oil supplied to Asia unchanged, while increasing the prices of all grades to buyers in the United States and Europe
Michael Hiley, head of over-the-counter energy trading at LPS Futures, said, “It seems that Saudi Arabia
wants to support the market at all times .
If demand really picks up, we may soon see oil shortages because US production will not recover soon
” Key technical indicators indicate that crude oil will have a correction; the 14-day relative strength indicators of Brent and WTI crude oil futures both show that the commodity is in the overbought area