Crude oil prices have continued to rise sharply since the third week of May 2021, from $ 60.50 a barrel to a mid-June high of $ 71.70 a barrel.
Earlier this week, oil prices seemed to be a bit stagnant and traded between $ 71.70 and $ 70.50, due in part to concerns over tightening and planned a four-week lockdown in the United Kingdom.
According to "The CORONAVIRUS PENDAMIC", the Prime Minister of the United Kingdom, Boris Johnson, continues to tighten and close the high-risk area for 19 weeks for up to four weeks, as the number of infections increases every year. Today, in July 2021, two/thirds of the UK population will be fully vaccinated against.
Meanwhile, China has announced restrictions on its border crossings for passengers and trade. According to the website, a large number of foreign companies are facing difficulties and challenges facing the restrictions after their foreign employees returned to reunite with their families they need to quit their job right away.
China plans to lift the ban by 2022, according to Ding Shuang, chief Greater China Economist at Standard Chartered Bank. "Outside its country, China will lose a lot." The restrictions will lead to inactivity in international trade, but if the border is reopened, people will be able to trade with each other, but China has decided to opt for an international trade deficit.
This week, investors could consider buying and selling crude oil at between $ 72 and $ 67 a barrel.
Analyzed By Mr. Nhim Kosol
Business Manager of Golden FX Link Capital
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