Crude Oil Rally Stretched, Risk of Possible Correction Ahead 2021-02-15 12:05:00 Justin McQueen, Analyst
Oil Technical Levels to Watch
Crude Oil Prices Extend Rally as Tighter Supply Underpins
Oil prices have gone from strength to strength in recent months, as market participants look to a brighter 2021. That said, the acceleration in the move higher has stepped up with Brent crude futures breaking out since the move above $60, having last week recorded its 4th consecutive weekly gain. Among the primary reasons for this supercycle move higher across oil prices has been a reduction in oil supply, particularly from OPEC+. While record winter storms hitting Texas oil supplies the possibility of strikes in Norway, threatening the country’s oil production have added a fresh impetus this morning.