Oil between $50 and $75 suits everyone

Over the past four days, US crude oil fell nearly 10 percent of the cyclical peak $73 a barrel, reaching yesterday low at $65. This poses the question - has the downward correction of the raw material been exhausted and can it start rising again?
The sharp decline in oil became a reality as a result of the data that Saudi Arabia and Russia are considering increasing production. Both parties signaled some increase in their production.
It is the trade between Russia and OPEC in the past year to curb production, triggering a strong rise in raw material prices.
Experts, however, comment that the potential resistance of some OPEC members against Saudi Arabia and Russia's decision to boost production could lead to a certain return in the price of oil.
After the peak of 115 dollars in 2011, oil was traded in a range between 115 and 75 dollars for 30 months. Such developments would mean oil price rate in the range of between $70 and $50 over the next few years. And that would perfectly suit Russia and Saudi Arabia, according to market observers.
Any oil levels above this range are already leading to some problems for consumers related to inflation, as well as an upsurge in US oil production, which is becoming profitable.
So, it seems very likely that the price of oil will be kept in a relatively narrow range over the coming years.
There are, of course, some analysts who believe that the price of oil will continue to rise and may go beyond that limit. Some of them are experts from Goldman Sachs, according to which there is an essential background for growth in the price of oil.

Oil with correction risk after 13% growth

Oil prices returned earlier yesterday after analysts warned of a potential correction after a 13% increase in oil in the last month.
Despite the downturn, overall oil remained relatively stable in an environment of limited supply and strong global demand.
The Brent dropped below the $70 psychological limit and was trading early this morning at $69.30 a barrel.
On Monday, the raw material reached its highest value since December 2014, registering a level of 70.37 dollars a barrel.
Investors and analysts are now seriously debating whether the price of oil is high and reasonable. There is an increasing opinion that oil is overpriced and its 13% price would lead to a more serious correction.
US crude oil finished with a minimum decline of 5 cents to a level of 63.68 dollars a barrel. The oil also registered its highest value since December 2014, at $64.89 a barrel.
The oil price also includes a substantial geopolitical risk premium. However, if we see a reduction in tensions in the coming weeks, this may be another factor contributing to the start of a correction for oil.
In addition, US producers continue to increase their production in an environment of high oil prices. US production is expected to pass the psychological limit of 10 million barrels a day, with only Russia and Saudi Arabia acheiving such production.