Commodity Update March 16, 2021: Analysts Expect Oil to Move Upward despite Setbacks

Commodity update as of 8:55 local time in Thailand on March 16, 2021

 

Oil price slipped from $70 a barrel despite an improving economic outlook amid vaccine rollout in the U.S. and a decrease in coronavirus cases.

However, analysts said the decision of OPEC and its allies to control output and a rebound to demand due to vaccine rollout will keep oil prices moving higher despite any temporary setbacks.