Oil nears the February excessive
World oil inventories proceed to be drawn down and provide subsequent yr goes to be tight with corporations unwilling to speculate as they give the impression of being to pay down debt.
What’s spectacular in regards to the newest leg on this rally is that it has include a strengthening US greenback and as international covid instances soar. New lockdowns have not rattled the market in any respect.
The February excessive was $54.50 and that is the near-term line within the sand to look at. For Brent, the February excessive was exactly $60.00 in order that will likely be doubly as vital. It has a bit extra work to do with the entrance month at $56.51.
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