Brent oil price to remain elevated in range 84 - 90
Hello traders,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels.
Brent oil outlook for now and for next two months is not good for oil importing countries.
Reasons:
1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand.
2. Geo-political issue with Ukraine, Russia and NATO group of countries.
3. Frequent extreme weather is undermining the global supply chain making commodities expensive.
Happy trading,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels.
Brent oil outlook for now and for next two months is not good for oil importing countries.
Reasons:
1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand.
2. Geo-political issue with Ukraine, Russia and NATO group of countries.
3. Frequent extreme weather is undermining the global supply chain making commodities expensive.
Happy trading,
