Oil headed towards $60. A Real possibility

Short

U.S. DOLLAR / BRENT CRUDE OIL (FX_IDC:USDBRO)

FX_IDC:USDBRO U.S. DOLLAR / BRENT CRUDE OIL

Oil has tendency to fall by more than 70% from the top. After topping out at $138. After many production cuts and effort to arrest fall in price by OPEC+ and news that Oil is headed to $300, Oil continues to show weakness. Lower demand from bigger economies, expectations of falling Oil price and shift to alternate fuel will further pull-down Oil prices, possibly to $60 by end of year 2024.

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