It looks like higher oil prices may soon be on the horizon. According to the monthly chart compiled by GodzillaNewz, oil prices have been inching higher in recent months. While the overall trend remains generally bullish, the trend has seen a few corrections along the way. But the chart also points to further increases in the near future.
Interest in oil prices has been rising as many countries look to rebound from the pandemic and improve their economies. While many countries had shut down their economies and limited activity during the height of the pandemic, those restrictions have been easing up in recent weeks. That has, in turn, led to an increase in global demand for oil.
This can be seen in the chart which shows a general upwards trajectory for oil prices since the start of 2021. However, despite the overall trend, the chart does show a few significant pullbacks along the way. Each time, though, the downtrend has been followed by a pushback up, suggesting that the overall trend remains positive.
This has been borne out by crude futures prices which are currently close to $69 a barrel. This represents a significant increase on the level seen throughout 2020 when prices lingered around $55. Given the current trajectory, it looks more than likely that prices will continue to rise in the coming months.
Indeed, if you look at the chart from the GodzillaNewz website, you will see that the trend appears to be turning even more bullish. The chart’s indicators suggest that we could soon be seeing oil prices above the $70 mark soon. This is an encouraging sign for many who are hoping that the global economy will soon be on the road to a full recovery.
Regardless, it looks like higher oil prices are coming in the near future. While the overall trend has seen some corrections along the way, the current trajectory suggests that this is all part of the bigger picture. That being said, investors should always remain aware of potential risks as the market does often swing in unpredictable ways.
