As the winter months approached, the contraction in reserves significantly strengthened the demand, pushing oil prices up, and Brent started to test above $84. In addition, we can say that the thought that the corona virus does not pose as much of a threat to the economy as before, supports the upward trend in prices. While the increase in prices also accelerated the drilling activities, we have seen that the number of oil wells has increased for the fifth week in a row. From a technical point of view, we continue to find the short-term outlook positive. At this point, as we have noticed for a while, we continue to think that there is no significant obstacle to the trend towards $86-87 as long as we stay above $80.
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