According to Dow Jones, Ole Hansen, an analyst at Sambourg Bank, the global oil market is likely to experience a supply gap of about 500,000 barrels a day in the second quarter of this year after OPEC’s production cuts and oil production declines. However, he said that despite optimistic fundamentals, the current oil price rise may be suspended after climbing to a four-month high. Hansen said that the rise in crude oil prices caused by reduced supply for political purposes could only push oil prices up to levels where global demand might begin to be affected. He believes that Brent and West Texas Medium Oil have strong resistance levels of $70 and $60 per barrel, respectively.
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