Oil prices have been showing some surprising increases in the last week, with investors seeming confident that oil commodities will continue to rise in value despite the current OPEC agreement that is curbing the production and export of oil.
Oil Prices Rising in February 2017
Monday saw some significant gains in oil prices, with Brent crude oil up to $56.57 a barrel. Investors are taking a ‘bullish’ stance on oil, and so commodities investors seem to be rushing to invest in crude oil and oil futures all over the world, especially in the US. There had been concerns that oil would not do anything especially interesting this year with countries like Saudi Arabia building up big domestic oil reserves as the OPEC agreement is in effect, but this doesn’t seem to have put a halt on the market.
Some Strange Predictions
While what we have actually seen so far in 2017 shows a bullish market for Brent oil, it feels as though analysts heading into this year were all over the place in their predictions, with some predicting a very bearish year and others believing oil would rise as high as $80 US per barrel. There are many factors at play, but it has seemed so far that the more likely outcome will be a fairly healthy growth in investment, and February at least has seen the market behave far more bullish than anticipated, although we are still a long way off seeing prices far above the $55 mark.
Should You Invest in Oil Right Now?
It is always a tough choice whether to get involved in a bullish market, but it seems that if you are interested in investing in oil, now is a good time to do it. Analysts and investors seem to have regained faith in the crude oil market, and while it is being kept in check by the OPEC deal, which we will find out imminently if member countries have complied with in February, this is really only stopping anything crazy from happening – oil is still moving around in a way that can keep investors interested.
If you are an investor who is concerned with commodities, futures or oil CFD trading, then this is certainly an interesting time, and you can follow current crude oil trends as well as make your own trends on platforms like ETX Capital. Be sure to keep yourself familiar with current market conditions, but right now, the forecast is bullish for oil for at least the next few days.