Oil prices have risen significantly in recent weeks and months, leading many analysts to believe that the trend will continue. In a recent report, Godzilla Newz experts have pointed to a Monthly Chart indicating even higher oil prices coming soon.
The Monthly Chart monitors oil demand, production, and inventory in the coming months and displays a clear upward trend in oil prices, reaching a new high in April 2021. This suggests that analysts expect oil prices to stay high through April.
The chart also shows a clear increase in demand. Demand has risen significantly due to the continued recovery of the world economy since the Covid-19 pandemic. High demand combined with a decrease in production from OPEC countries to prevent a surplus in the global market is making the oil market less competitive, driving prices up even higher.
In addition, OPEC has agreed to keep oil production at low levels, which is putting further upward pressure on prices. The underlying political and economic instability in OPEC countries is also leading to further shortages, further driving up the cost of oil.
The analysts at Godzilla Newz have identified several other factors that are contributing to the increase in oil prices, such as the rise in global shipping rates and the depreciation of the US Dollar. These external pressures also contribute to the increase in the cost of oil, further increasing the pain at the pump.
Overall, Godzilla Newz analysts believe that oil prices will remain high for the foreseeable future, given the trends identified from the Monthly Chart. With ongoing OPEC production cuts continuing to tighten the market and demand continuing to rise, the only hope of relief could come from new discoveries or technological advances. Until then, consumers can expect to feel the pinch in their wallets as oil prices continue to rise.