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International Oil price is growing up fast. This counter have lot of storage and will gain the difference. Their quarter report should earn more money.
The same counter that someone projected to RM 30-50 but it crashed to RM2+ n later recovered to 6-7 but then stabilised at 3-4 b4 moving up again . Same old counter but this time the PE is no more 2 but 20+ n should b no much excitement. I m wondering how this co has not been paying dividend except lip services n only crazy punters crazed on this particular counter ?
“Three Commodities Set To Boom As The Global Economy Recovers”
1.Oil 2.Copper 3.Lithium
#1. Oil
After a historic slump, oil has also been on a tear, up 110% in a year. In a sharp turnaround from last year, the energy sector has emerged as one of the best-performing. Brent crude has been flirting with $70 per barrel, a level it last touched nearly two years ago.
The oil rally this year has been spurred by encouraging production discipline including OPEC+ recently extending most output cuts to April and Saudi Arabia agreeing to voluntarily extend its output cut of 1 million barrels per day output cuts as well as the ongoing Covid-19 vaccine rollout that gives hope that a full reopening might not be far off. You can expect to see oil demand considerably in the coming months as more people begin to travel, especially with the EU now launching a “Digital Green Certificate” will facilitate safe and free movement within the bloc for people who have been vaccinated.
Although the rally has lately taken a breather due to concerns that demand continues to be patchy, consumption is roaring back in notable regions including the U.S. A stronger dollar has also been curbing crude’s gains.
The hiatus might, however, be temporary with eyes glued on U.S. inventory data when it comes out on Wednesday, which could show the first drop in crude stockpiles since mid-February. The Fed is also expected to release a policy statement later on the same day as attention on the pace of global inflation grows. Fed Chair Jerome Powell has promised to maintain aggressive support of the U.S. economy, the central bank’s quarterly economic forecasts will show how many of his colleagues share his commitment. The Federal Open Market Committee (FOMC) is widely expected to hold interest rates near zero at the conclusion of its two-day policy meeting on Wednesday, and keep buying bonds at the current $120 billion monthly pace.
So the current outlook is largely bullish for oil.
Which is just as well: Danielle Shay, director of options at Simpler Trading, has told CNBC that not only can oil perform even better in a reopening economy but can also be really good hedges against inflation.
Related: Biden’s Energy Agenda To Reduce Oil Production And Boost Prices
Indeed, with oil prices having surpassed even the most bullish projections on Wall Street, some punters are now imagining the seemingly impossible. Bank of America says oil prices could spike over $100/barrel in the coming years.