Oil prices have been on a roller coaster ride in recent weeks, with benchmark crude oil prices spiking more than 20 percent above their mid-March low point. This sudden jump has left analysts second-guessing their work as they struggle to make sense of the market’s movements and anticipate future trends.
The surge in oil prices is being attributed to several factors, including an increase in demand from countries such as China and India that are emerging from lockdowns imposed due to the coronavirus pandemic. Additionally, major producers like Saudi Arabia and Russia have cut back production which has further contributed to higher prices at the pump for consumers around the world.
Analysts are now trying hard to predict where these volatile markets will go next; however, some experts believe this spike may be short-lived given the uncertainty surrounding global economic growth prospects due to COVID-19-related disruptions across industries worldwide. Others suggest that any recovery could take longer than expected if current supply levels remain unchanged or even drop further over time.
In conclusion, it remains unclear how long this upward trend will continue but one thing is certain: analysts must stay vigilant when making predictions about future movements of benchmark oil prices so as not to miss out on potential opportunities or avoid costly mistakes down the line.
Read more at Yahoo Finance
By
