Here is our Crude Oil Price Analysis for February 2021! | Crude oil prices are on shaky ground as Joe Biden tries to push for a more expansive fiscal approach. We’ll share what our Crude oil February 2021 outlook is and what hope there is for the energy sector in the weeks ahead.
The crude oil price, just as other commodity assets, has been kept afloat this year thanks to a weaker US dollar. However, as of last week, the crude oil analysis has shown declines. And the short-term crude oil forecast entails a continuation of this trend throughout this week.
The WTI crude oil price in particular fell below the $52 level on Friday. And while there’s strong support at $50 per barrel, it’s likely we will see more declines in the WTI crude chart over the next few days.
In addition, oil contracts are currently in the middle of their two-week ranges, which means the crude oil February price action is very vulnerable to further correction. And spreading lockdowns in China ahead of the Chinese New Year aren’t looking favorable for the crude oil February forecast either.
Watch our full WTI crude oil analysis to see where this current tendency may lead us in the weeks to come and how the WTI oil price will continue to develop. And drop us a line in the comment section below with your thoughts on our WTI crude oil forecast.
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