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Crude oil prices are on the way to $ 100
14:59 - 14/03/2021
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Analysts said that crude oil prices are on the way to achieving heights not seen since 2014.
With the energy sector approaching its best quarter ever, with year-to-date gains of nearly 40%, Craig Johnson, head of technical analysis at Paper Sandler, said, "There are clearly signs of some hikes in additional oil prices."
Johnson said, "I can in fact see a number that could be higher than $ 100 a barrel, within 6 to 12 months from now," according to what he said to "CNBC", and seen by "Al-Arabiya.net."
He explained that the SPDR Energy Sector Index Fund is also showing signs of rising after the difficult year 2020.
He cited a chart of the 23-stock traded fund documents, indicating the formation of a technical figure indicating the rise represented by a double bottom and two tops.
“We are seeing a multi-year reversal in terms of the performance of the SPDR Energy Fund compared to the S&P 500 and it is clear that there are some very positive trends happening here,” he said. “These are long-term issues and trends that are beginning to unfold.
With OPEC likely to keep production stable until at least the summer, Nancy Tengler of Lafer Tegler Investment expects a further rise in oil prices.
She believes that with the supply not increasing until October, it means that the price of oil can easily rise from its current levels.
Our expectations are somewhere around $ 80 a barrel in the summer, Tingler said.
For its part, JP Morgan picked Chevron and ExxonMobil among its best picks among "major oil companies" on Friday, citing increased cost efficiency, and said that the balance sheet leverage could return to pre-epidemic levels this year. Ended / 25 o'clock
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