Oil prices could hit $75 per barrel
The party is not over yet for oil traders. The barrel keeps getting pricier, with a potential target between $74.5 and $75. From a technical point of view, the trend remains strongly bullish, even if the rally is likely not sustainable in the medium-long term, as high prices would once again attract new production, which would, in turn, shift the pendulum from a supply deficit to an equilibrium or even overproduction once again.
by Carlo Alberto De Casa, Chief Analyst, ActivTrades