TRCH - Why Oil Prices Could Continue Going Up

Oil prices have risen dramatically in recent months. The upward trend took root in November of 2020 and seems firmly in place. Oil’s current strength reflects increasing optimism for a global economic recovery as fewer cases of Covid19 lead to more petroleum-consuming activities. While prices have gone up, producers have been slow to respond to the increase, as evidenced by continued low rig count numbers. These factors provide investors hope that there has been a fundamental change to the supply and demand of oil that could lead to oil prices staying above $50/bbl. The below graph shows the recent rise in WTI and Brent oil prices.Read More >>