When we hear about oil price increase to 11percent… It looks interesting right?
At 2009, Oil Prices had a huge gain of about 8percent which was considered as biggest daily gain ever before the 2nd Feb 2015 Monday’s 11percent gains.
Both brent and U.S. oil were traded at $4/barrel. All the technical analysis signals highly indicated more gains on Oil price.
Comments about Oil Price increase from Chief analyst Zimmerman
Walter Zimmerman is the chief technical analyst at United-ICAP .
He gave an awesome comment about the Oil price increase
“We could get a pretty good bear market correction here to really mess up all the new shorts”
In addition to above statement, He added that brent crude oil abd U.S. Crude oil rate may rise above $61/barrel an $59/barrel respectively.
Highest Price range of Brent and U.S crude Oil
Image Credit: Wikpedia
Brent crude reached a highest position of about $55.62/barrel and low position of about $51.41 during the day. Summary: Brent Crude had a total increase of $1.76/barrel, in terms of percentage, it had a percentage increase of 3.3% price increase.
When it comes to U.S. crude oil, price swing was literally higher than Brent. U.S. Crude reached its peak of about $50.56 and lowest price range of about $46.67. In terms of percentage, price increase was 2.8 percent. This is lesser than the Brent price increase.
Is there any Opportunity to Buy Oil stocks?
A wonderful comment left by Bjarne Schieldrop, chief commodity analyst at SEB. Here is the comment –
“There were a lot of people on the sidelines waiting for an opportunity to buy,”
After Brent and U.S. crude oil price rise, investors showed huge interest in buying the oil commodities and stocks.
Its also known that, UK West Texas Crude oil price have fallen from above $100/barrel which is amazing growth. This kind of price increase motivates the investors and traders to buy oil stocks.
Now what are going to do?
Are you going Buy the Oil stocks or Sell them?