Crude Oil has been bullish since April 2020, after a certain party wanted to capitulate its price, sending US WTI crude to -$37.50 more than two years ago. During this period, we have had many lockdowns and restrictions due to coronavirus, which has been weighing heavily on the services sector across the globe.

Yet, crude Oil has been bearish despite lower demand because of this and the fact that the establishment is pushing for green energy, which is a great thing. But, it seems like the way to discourage the public and businesses from using petrol for transport is by increasing crude Oil prices.

You can see this on the US WTI crude Oil chart, which shows that dips continue to be bought aggressively, with lows and highs getting higher every time. last week we saw a failure at $120, while as soon as the new week started, buyers had another try at this major level and pushed above it, reaching $120.50.

US Crude Oil Daily Chart – WTI Pushed Above $120 Today

The price has returned back below $120

Another bullish fact for crude Oil is the news that the Summit of the Americas begins Wednesday in Los Angeles but it will be without some large parts of the continent. The Biden administration decided to bar Cuba, Venezuela and Nicaragua from attending.

The move had been rumored and in the run-up, Mexico said it wouldn’t attend unless everyone was invited. For Oil, the exclusion of Venezuela is a strong sign that the US government won’t further tap to increase global Oil production. Last week, the US cleared some Venezuelan cargoes for Europe to displace Russian Oil but that’s it.

Citi Boost Oil Price Forecasts Higher

On the other hand, Libya’s largest oil field is the Sharara field restarted production

• It produces around 300Mbbls/d
• It was shut in April due to protests, but has restarted

Over the course of 2021, Libya produced around 1.1 to 1.2MMbbls/d. In May this dropped to below 800 million barrels a day.

US WTI Crude Oil Live Chart