The crude oil price is surging even after the disagreement in the oil producers’ meeting in Doha, but it will try its bottom again soon. The only thing that has changed in the oil market is the price, and the long-term oversupply of oils would not change as nobody is willing to cut their production.
In the long-term chart, the oil price seems just trying to recover after a radical fall. Is this so-called a dead-cat bounce? We presume so and will explain the reasons.