CNBC reported that Amherst Pierpont strategist Robert Sinche believes oil prices could rise to the $50 to $70 range this year on the back of a recent bump in crude oil prices.

As quoted in the publication:

“You want to get at least a one-day close above that 200-day moving average. … “A two-day close would give time for the Saudis to have a response,” Sinche said Tuesday. “(A two-day close) really then does become support rather than resistance, and we’re kind of into a new regime here for oil prices.”

And, that “new regime,” along with a recovering global economy, could help drive crude prices securely into the $50 to $70 range this year, he added.

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