Oil prices have recently traded at $64.85 and have the potential to rise to $70 due to improving sentiment regarding US-China trade discussions. Analysts highlight that while technical factors may drive pricing, the sustainability of these increases is uncertain and hinges on new bullish developments. Companies like EOG Resources are benefiting from these price movements, supported by positive analyst ratings and upcoming dividends. This market trend showcases the intertwined nature of geopolitical events and commodity pricing.
"Much of this advance appears technically driven and such rallies can easily subside without new bullish headlines," analysts at energy advisory firm Ritterbusch and Associates said, as quoted by Reuters.
According to Bank of America, oil could push higher on short covering, suggesting underlying market dynamics may contribute to price fluctuations in the short term.
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