First time after the high in October 2018, Crude Oil crosses $70 per barrel

Presumably owing to the gradual reopening of the country which in turn increased the number of people using their vehicles, Crude Oil is on a motion towards significant recovery. Earlier this week, the closing price of the barrel was set above $70 which is the highest it’s been since October, 2018. And with the decreasing mobility restrictions the performance should be as good if not better in the next quarter.

“We’re looking for a pretty sizeable drawdown in U.S. crude oil inventories, while the demand thesis keeps improving. This atmosphere remains bullish, as we’re heading into a structural deficit in terms of supply versus demand,” says John Kilduff, Partner, Again Capital LLC.