Analysis | forecast Brent Crude Oil is closing the trading week near the level of 56.25 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in oil. Ichimoku Kinko Hyo indicator area signal line test is expected near the level of 54.05, where we can expect an attempt of growth and development of the bullish trend for Oil with the target of growth near the level of 58.50. An additional signal in favor of rising oil prices will test the area of support.
Previously, a strong signal was generated for the buying of Brent Oil, due to the crossing of the signal lines at the level of 51.50. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 51.70, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent crude Oil is worth a breakdown of the area of 57.50.
Oil exporters meet in Vienna on Friday to discuss their pact to cut production, but many analysts are not focused on Austria this week. Instead, they’re watching refineries around the world for signs that the oil price rally can continue.
U.S. West Texas Intermediate crude hit a nearly four-month high at $50.81 on Thursday, despite three straight weeks of rising stockpiles in the aftermath of Hurricane Harvey, which shut a quarter of U.S. refining capacity. On Friday, international benchmark Brent crude oil was trading within $2 of its 2017 high of $58.37.
This comes as the market focus has flipped from how quickly OPEC can drain a global glut of crude oil to how hungry the world remains for fuel. A major catalyst for the recent run-up was improved forecasts for 2017 global demand from the International Energy Agency and OPEC.
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