What caused the downward trend in crude oil price?
Weekly crude oil price, that showed an upward trend up until March, 2021, has suddenly turned downward, when 3-point-moving averages are taken into account. This is not something that analysts anticipated, especially when there are clear signs of global demands going up. Moreover, in the US, there were strong indications of an economic recovery in proportion to the scale of the vaccine rollout. The increase in the crude oil output by the OPEC+, despite done under global political pressure, also signalled optimism on the part of the cartel that the demand would finally be on the rise. In addition, in China, the world’s second largest consumer, the economy shows a steady growth and the crude oil demand is going to go up at a faster rate in the coming months. The reliable positive news on multiple fronts clearly eclipsed the negative sentiment that stemmed from the upsurge of new Coronavirus infections in Europe and Asia. As a result, there was no dramatic fall in oil price, a r