The price of a barrel of North Sea benchmark Brent oil will be more than $81 next week. This forecast was given to socialbites.ca by Nikita Pokrovsky, stock exchange expert from BCS World of Investments.
“Unless there is a significant new development that may negatively affect oil prices, the Brent price may rise above $81 next week. This assessment will remain technically valid until the price drops below $75. “According to the latest data, oil continues to be supported by tensions in the Middle East, oil futures entering a period of historically strong seasonality, and the continued strength of the American economy,” the expert said.
He added that low temperatures provided additional temporary support to bids, which slowed the pace of fuel production in North America.
“Analysis shows a gradual increase in US oil demand in recent months. On an annual basis, reserves fell into negative territory, which is generally a positive signal for the growth of “black gold” quotes. “Inventories at Cushing remain below 40 million barrels, indicating that demand generally exceeds supply,” he said.
The expert explained that commercial traders reduced their open positions in oil futures contracts to their lowest level in the last six months, a sign that producers are not betting on a decline in oil prices.
At 22:59 Moscow time on Friday, the cost of March futures contracts for Brent on the London ICE Futures exchange was $78.6 per barrel.
Previously “socialbites.ca” saidWhat will happen to oil prices after the US attack on Yemen?