On April 10, it again rose to $111.65.
'Instead oil can go on to try and find $140 to $141 per barrel. It may not get there in the next two weeks as the contango, in our opinion, is not fully justified by the basic supply and demand issues in the market.'
'If oil breaks out upwards past $135 per barrel then look at $135.88, $136.41 and $137.01 as pointers to its direction. If it can weigh in past its old highs and keep going then there is no reason why $140 per barrel cannot come soon.'
Image: A petrol pump attendant fuels a motor-bike at a petrol station in New Delhi. | Photograph: Manpreet Romana/AFP/Getty Images
Also read: Price rise: A curse on the aam aadmi
Advertisement
