Oil price reached $63.82 a barrel on Friday last week which is a highest point since January 2020, oil price has been trading in an upward trend, with average daily price movements of around $2.10. Data that investors need to follow up this week is OPEC- JMMC Meeting on March 04 2021, The Organization of Petroleum Exporting Countries (OPEC), Joint Ministerial Monitoring Committee (JMMC); OPEC-JMMC meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. Ahead of that meeting, Bank of America released a statement that expects fastest Oil Price rise. The bank also said OPEC+ might decide to reverse its production cuts now that oil prices are trending above $60, but added that a slow return of U.S. shale to international markets might lead to an extension of the production cut agreement to make sure prices stay higher. Therefore, the data of OPEC- JMMC meeting this week is really important for the future direction the oil prices. My forecasting is that cutting more production could be lifting up the oil price to reach $70 a barrel in second quarter of this year.

Technical part, oil prices could be moving in daily range between $60 to $63.70 a barrel. Even it is Monday but it is a good opportunity to invest in oil price. Follow the major trend and buy oil prices are recommended at $60 a barrel, setting the take profit function at $62.50 a barrel and the stop loss function at $57.60 a barrel.

Analyzed by：Mr. ChhayHeng Chhea ，Independent Analyst