The expert predicted oil prices next week 10:15

In the base case, oil prices for the North Sea Brent brand next week will range from $90 per barrel. However, it is possible that the fuel cost will be lower. This forecast was given to socialbites.ca by Igor Galaktionov, stock market expert of BCS World of Investments.

“Following the oil sell-off in early October, next week could be important for further oil dynamics and the market’s assessment of a new fair trade range. “Even though the base scenario in terms of current balance is that Brent yields over $90 per barrel, the market is living with expectations,” he said.

According to Galaktionov, weak representative data on gasoline demand from the United States has raised concerns in the market that high prices combined with the negative impact of high rates are starting to put pressure on fuel consumption, which could be worse than forecast for the coming year. 2024. He acknowledged that Brent prices could remain in the $85-$90 per barrel range if new data raises alarm. The expert concluded that although prices could fall $2-3 below this level for a short period of time, a deeper decline seems unlikely.

“The focus of next week may be a new survey in which the US Energy Information Administration (EIA) will publish detailed and new forecasts for the oil market. The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) will also make similar assessments. The market will also be among the world’s largest “We will also closely monitor the latest sector data from the USA, assessing fuel demand expectations in the country, which is a major oil consumer,” Galaktionov concluded.

On October 6, the price of a barrel of Brent on the London ICE exchange fell to a record low of $83.44 per barrel. October 5 Brent price fell It fell below $85 per barrel for the first time since August 29.

Previously happened It is known how the dynamics of oil prices affects the ruble exchange rate.