☑️BRENT: medium-term long
➡️ The head of the International Energy Agency (IEA), Fatih Birol, warned on Friday: "The oil market emergency could worsen."
The conflict in Ukraine and subsequent sanctions have reduced supply in the oil market to the detriment of demand, it will take time for the market to rebalance and it will take a period of high prices to attract new supply.
Most likely, the medium-term outlook will be in favor of rising prices. However, at the moment, the movement will be directed towards the support level of 98.75$, which is supposed to be the lower limit of the current trading range for oil. In the future, we can expect growth to 108.65$ and then to 120$.
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The conflict in Ukraine and subsequent sanctions have reduced supply in the oil market to the detriment of demand, it will take time for the market to rebalance and it will take a period of high prices to attract new supply.
Most likely, the medium-term outlook will be in favor of rising prices. However, at the moment, the movement will be directed towards the support level of 98.75$, which is supposed to be the lower limit of the current trading range for oil. In the future, we can expect growth to 108.65$ and then to 120$.
➖➖➖➖➖➖➖
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
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